Find the allowable depletion charge for that year

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Reference no: EM13159300

An oil well is subject to a 15% depletion allowance. The gross income for one year is $650,000. The taxable income excluding depletion is $50,000. Find the allowable depletion charge for that year. Answer $30,161 $25,000 $50,000 $97,500

Reference no: EM13159300

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