"Frank and Betty, husband and wife, are investors in several domestic oil and gas properties, all of which were acquired after 1990. Frank owns two separate properties that had the following oil production, income, and expenses in 1997:

Property A: 365,000 barrels $800,000 in gross income

$700,000 in expenses

Property B: 365,000 barrels $800,000 in gross income $500,000 in expenses

Assume that Franks cost depletion deduction for property A is $5,000 and for property B, $200,000. Betty owns one property (Property C) with production of 730,000 barrels, $1,600,000 in gross income and $1,000,000 in expenses during 1997. Assume that Bettys cost depletion deduction on property C is $25,000. Assume that Frank and Betty will file separate returns in 1997, that Franks taxable income for the year is $400,000 (before considering the depletion deductions), and that Bettys taxable income for the year is $50,000 (before taking into account the depletion deductions). Assume further that both Frank and Betty qualify for percentage depletion under section 613A. Compute Frank and Bettys depletion deductions for the year."