Scott Oil Company, an independent producer, has the following account balances at 1/1/20XA: REQUIRED: Determine the amount
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Scott Oil Company, an independent producer, has the following account balances at 1/1/20XA:
REQUIRED: Determine the amount of the tax loss on the following dates:
a. On March 1, 20XA, the unproved property is abandoned.
b. On April 2, 20XA, Lease B is abandoned with salvageable equipment in the amount of $20,000.
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