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Determine the tax basis of any assets

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Reference no: EM133072736

Question - MMD Oil Company leased property from WMM Investors paid the following amounts in 2019: Shut-in royalty payments, not recoverable $2,400

Shut-in royalty payments (failure to make payments terminate lease) 4,000

Shut-in royalty payments (recoverable from future production 4,000

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

Reference no: EM133072736

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