Darland, Inc. operates rental real estate. On July 20th of 2022, Darland purchased a currently rented mixed office and commercial building and land for a total purchase price of $1,120,000 with $120,000 of the purchase price allocable to the land. What was Darland's depreciation expense for 2022 on this property?

You should be able to answer this question from the example and table in the application handout (note that this is nonresidential real estate).

Solomon Mining, Inc. pays $4,000,000 for a mining area during the year. Solomon estimates that the mine's reserves are 20,000 tons. Solomon also incurs $500,000 of intangible drilling costs in preparing the mine for operations. For calculation of percentage depletion, the applicable statutory rate for this type of mineral is 20%. Also, for this type of mineral, percentage depletion is limited to 50% of taxable income before the depletion allowance.

Solomon mines and sells 2,000 tons during the year at an average sales price of $1,000 per ton.

Solomon incurs normal operating expenditures $800,000 during the year. In addition to these, Solomon elects to outright expense the intangible drilling costs.

What is the calculated amount of Solomon's cost depletion?

Northeast Recreational Properties is a limited liability company that rents recreational vehicles including boats for short-term rentals. Due to a storm, the following boats were either damaged or destroyed:

Boat	Basis	Value Before	Value After	Insurance received
XT10	30,000	25,000	15,000	10,000
XT09	70,000	65,000	50,000	10,000
XT04	25,000	24,000	0	23,000

The amount of Northeast's business casualty loss is__?