Emily owns a coal mine (basis $12,000 at the beginning of the year) that qualifies for a

Question:

Emily owns a coal mine (basis $12,000 at the beginning of the year) that qualifies for a 15% depletion rate. Gross income from the property was $140,000, and net income before the percentage depletion deduction was $60,000. What is Emily's AMT preference for excess depletion?
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  answer-question

South Western Federal Taxation 2015

ISBN: 9781305310810

38th Edition

Authors: William H. Hoffman, William A. Raabe, David M. Maloney, James C. Young

Question Posted: