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def company produces iron ore. it purchased land for $500,000. they value an iron ore deposit at $100,000. engineers estimate that 50,000 tons of ore
def company produces iron ore. it purchased land for $500,000. they value an iron ore deposit at $100,000. engineers estimate that 50,000 tons of ore are recoverable. given the following information determine def's depletion deduction for the year.
year 1: units sold: 15000, gross income:300,000, taxable income: 124000. Year 2: units sold: 20000, gross income: 400000, taxable income: 50000. Year 3: units sold: 10000, gross income: 250000, taxable income:90000
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