Sequoia $($S Corporation$)$ purchased the rights to cut timber on several tracts of land over a $15-$year period. It paid $$500,000$ for cutting rights. A timber engineer estimates that $250,000$ board feet of timber will be cut. During the current year, Sequoia cut $45,000$ board feet of timber, which it sold for $$900,000.$

$8.$ Using cost depletion method, what is Sequoia's depletion deduction for the current year?

$\backslash$table$[[,$Cost Depletion,,$],[,$Cost basis in timber,$500,000,],[,$Estimated feet of timber,$250,000,],[,$Per$-$unit cost depletion rate,$2,\frac{1}{2}$