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What is amount realized by a

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Q1. A bought a copper mine on July 7, 2018 for 46000. It has 500lb of copper. What is depletion expense for 2018 if the company extracts and sell 310lb of copper?

a.174800

b.197300

c.285200

d. 202630

Q2. A sells land to B in exchange for 15000 cash and a piece of equipment with adjusted basis (to B) 15000 and FMV 20000. The land was subject to 25000 mortgage which B assumed. A incurred 7500 in selling expenses. What is amount realized by A?

a. 52500

b. 55000

c. 57500

d. 60000

Reference no: EM133140559

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