Question 30 Lucky Strike Mine purchased a silver deposit for $1,500,000. It estimated it would extract 500,000 ounces of silver from the deposit. Lucky Strike mined the silver and sold it, reporting gross income of $1.8 million, $2.5 million, and $2 million for Years 1 through 3, respectively. During Years 1 through 3, Lucky Strike reported taxable income (loss) from the silver in the amount of ($100,000), $400,000, and $100,000, respectively. What is Lucky Strike's percentage depletion deduction for Year 2? None of the choices are correct. $200,000 $400,000 $60,000 $375,000