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Did kiki calculate current-year idc preference correctly

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Reference no: EM132462001

Question 1: Kiki, who incurred intangible drilling costs (IDC) of $112,600 during the year, deducted that amount. Her net oil and gas income for the year was $135,120. Currently, Kiki has no income from geothermal wells. Kiki has calculated her current-year IDC preference to be $11,260.

Problem 1: Did Kiki calculate her current-year IDC preference correctly. yes or no

  1. Enter Kiki's preference for IDC: $______

Reference no: EM132462001

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