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Determine the tax basis of any assets

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Reference no: EM133069125

Question - MMD oil company leased property from WMM investors and paid the following amounts in 2019.

shut in royalty payments, not recoverable - 2400

shut in royalty payments (failure to make payments terminate lease) - 4000shut in royalty payments (recoverable from future production) - 4000

Determine the tax basis of any assets and the amount of any tax deduction.

Reference no: EM133069125

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