On june 15, 2018, louise purchased the rights to a gravel interest for $1,500,000. at that time, it was estimated that the recoverable units would be 100,000. during the year, 20,000 units were mined and 10,000 units were sold for $200,000. louise incurred expenses during 2018 of $50,000. louise's depletion deduction for 2018 using the percentage depletion method would be:
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On june 15, 2018, louise purchased the rights to a gravel interest for $1,500,000. at that time, it...
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