Canary owns a zinc mine costing $480,000 on which he has claimed $120,000 in depletion in prior years. At the beginning of the current year, it was estimated that 600,000 tons of zinc remained in the mine. Canary mined 150,000 tons and sold 110,000 tons during the current year. 

What is Canary's current-year cost depletion deduction? 

Answer rating: 100% (QA)

To calculate Canarys currentyear cost depletion deduction we need to determine the de... View the full answer