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MMD Oil Company paid the following amounts in 2017: $2,400 Shut-in royalty payments, not recoverable Shut-in royalty payments (failure to make payments terminate lease) Shut-in
MMD Oil Company paid the following amounts in 2017: $2,400 Shut-in royalty payments, not recoverable Shut-in royalty payments (failure to make payments terminate lease) Shut-in royalty payments (recoverable from future production 4,000 4,000 Determine the tax basis of any assets and the amount of any tax deductions. Label your answers
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