Sachin owns a platinum mine with a basis of $30,000,000 and estimated reserves of 1,500,000 grams of platinum. He extracted 90,000 grams and sold 150,000 at $20 per gram in 2020. Sachin's taxable income before the depletion deduction is $2,000,000.

What is Sachin's percentage depletion deduction in 2020?

a.

$3,000,000

b.

None of these

c.

$693,000

d.

$1,000,000

e.

$1,155,000