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An oil well is subject to a 15% depletion allowance. The gross income for one year is $650,000. The taxable income excluding depletion is $70,000

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An oil well is subject to a 15% depletion allowance. The gross income for one year is $650,000. The taxable income excluding depletion is $70,000 Find the allowable depletion charge for that year. $45,452 $35,000 $70,000 $87,000

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