True/False
Kay had percentage depletion of $82,000 for the current year for regular income tax purposes.Cost depletion was $55,000.Her basis in the property was $70,000 at the beginning of the current year.Kay must treat the percentage depletion deducted in excess of cost depletion,or $27,000,as a tax preference in computing AMTI.
Correct Answer:
Verified
Correct Answer:
Verified
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