Wes acquired a mineral interest during the year for $10,000,000. A geological survey estimated that 250,000 tons of the mineral remained in the deposit. During the year, 80,000 tons were mined and 45,000 tons were sold for $12,000,000. Other related expenses amounted to $5,000,000. Assume the mineral depletion rate is 22%. a. What is the taxable income before the deduction for depletion? X b. Under cost depletion, what is the amount of the deduction? $ X c. Under percentage depletion, what is the amount of the deduction? $ d. Wes's lowest taxable income after the depletion deduction is $ Feedback Vheck My Work Natural resources (e.g., oil, gas, coal, gravel, and timber) are subject to depletion, which is simply a form of depreciation applicable to natural gross income