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    Principles of Taxation
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    Exam 7: Property Acquisitions and Cost Recovery Deductions
  5. Question
    Firms Engaged in the Extraction of Natural Resources Such as Oil
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Firms Engaged in the Extraction of Natural Resources Such as Oil

Question 84

Question 84

True/False

Firms engaged in the extraction of natural resources such as oil, gas, or minerals can deduct the lesser of cost depletion or percentage depletion on their productive wells or mines.

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