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Now assume ABC Mining earned $1,000,000 on sales of uranium ore. The company sold 10 million tons out of approximately 50 million tons in the

Now assume ABC Mining earned $1,000,000 on sales of uranium ore. The company sold 10 million tons out of approximately 50 million tons in the ground, with an unrecovered basis of $100,000. (Enter all responses below as absolute values)

What is ABC's cost depletion?

What is ABC's percentage depletion given a statutory percentage depletion rate of 22 percent (ignore taxable income limitation)?

What is ABC's depletion deduction?

What is ABC's basis in its uranium mine at the beginning of next year?

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