Hoffman Oil Corporation paid the following amounts in 20XD: REQUIRED: Determine the tax basis of any assets
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Hoffman Oil Corporation paid the following amounts in 20XD:
REQUIRED: Determine the tax basis of any assets and the amount of any tax deductions.
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Shut-in royalty payments (not recoverable) $5,000 Shut-in royalty payments (failure to make payments terminates lease).. 4,000 Shut-in royalty payments (recoverable from future production) ...... 3,000
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