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Tiger Energy, an independent producer, has average production from lease A of 100 bbl/day in 20XA from Lease A. The average selling price of oil
Tiger Energy, an independent producer, has average production from lease A of 100 bbl/day in 20XA from Lease A. The average selling price of oil is $58/bbl. Net income from Lease A in 20XA is $820,000, and taxable income of the company is $2,000,000.
Compute percentage depletion?
I know this is probably an easy question, but I just can't seem to grasp it. Thank you for any help.
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