Vulcan Mining Corporation incurred $8,000,000 in mine development costs on July 1st of 2022. Vulcan wishes to elect Section 59e (10-year) treatment for 60% of these costs and to use the default 70/30 method for the remainder. Compute Vulcan’s mine development deduction for 2022. [A correct answer should contain the following components: (1) an immediate expense component, (2) a 60-month amortization component, and (3) a 10- year amortization component. Show your work.

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Immediate Expense Component 60 of mine development costs 8000000 060 4800000 60month Amortization C... View the full answer