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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 $80,000

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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 $80,000 Find the allowable depletion charge for that year. $42,532 $40,000 $80,000 $85,500

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