Thomas was a self-employed attorney the first half of 2022, he drives 3000 miles to meet...

  

Transcribed Image Text:

Thomas was a self-employed attorney the first half of 2022, he drives 3000 miles to meet with clients in 2022. He also is an employee at Gram-Dunkin Co. and had 2000 commuting miles related to that job. He also incurs $200 of business-related tolls. During the year, he also eats lunch at a local cafe every Friday to have some time alone. The cost for the meals were $1,500. What amount can Tino deduct? On November 15, 2022, Krystal purchased the rights to a coal mine for $10,000,000. At that time, it was estimated that the recoverable units would be 200,000. During the year, 10,000 units were mined and 7,000 units were sold for $2,800,000. Taxable income (before the allowance for depletion) was $1,000,000. The percentage depletion rate disclosed on the IRS website is 22%. Determine Krystal's depletion deduction for 2022 using the percentage of depletion method. Thomas was a self-employed attorney the first half of 2022, he drives 3000 miles to meet with clients in 2022. He also is an employee at Gram-Dunkin Co. and had 2000 commuting miles related to that job. He also incurs $200 of business-related tolls. During the year, he also eats lunch at a local cafe every Friday to have some time alone. The cost for the meals were $1,500. What amount can Tino deduct? On November 15, 2022, Krystal purchased the rights to a coal mine for $10,000,000. At that time, it was estimated that the recoverable units would be 200,000. During the year, 10,000 units were mined and 7,000 units were sold for $2,800,000. Taxable income (before the allowance for depletion) was $1,000,000. The percentage depletion rate disclosed on the IRS website is 22%. Determine Krystal's depletion deduction for 2022 using the percentage of depletion method.

Answer rating: 100% (QA)

Thomass Deductions 1 BusinessRelated Mileage SelfEmployment Mileage 3000 miles Employee Commuting Mi... View the full answer