An oil \& gas operator is drilling a well on target property. Before the well is productive, the operator incurs $1M in expenditures for these drilling costs. What is the correct term for these expenses before the well is productive? Lease Operating Expenses (LOE) Intangible Drilling Costs (IDC) Workover Expense Geological \& Geophysical Costs QUESTION 8 Which of the following is not a limitation on deducting a contribution to a Traditional IRA? Taxpayer must complete the contribution before the last day of the tax year Taxpayer's under age 50 may only contribute $6,000 annually Taxpayer must have earned income If the taxpayer is covered under an employer plan, their AGI must be within certain limits QUESTION 9 When calculating basis adjustments for shareholders of an S corporation, on which day of the tax year are such adjustments calculated? On the first day of the tax year On the last day of the tax year As they are earned or lost during the year Only upon entry or exit of a shareholder