Multiple Choice
Erin owns a mineral property that had a basis of $10,000 at the beginning of the year.The property qualifies for a 15% depletion rate.Gross income from the property was $120,000 and net income before the percentage depletion deduction was $50,000.What is Erin's tax preference for excess depletion?
A) $8,000
B) $10,000.
C) $18,000.
D) $0.
E) None of the above.
Correct Answer:
Verified
Correct Answer:
Verified
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