Kiki, who incurred intangible drilling costs (IDC) of $94,000 during the year, deducted that amount for regular
Question:
Kiki, who incurred intangible drilling costs (IDC) of $94,000 during the year, deducted that amount for regular tax purposes. Her net oil and gas income for the year was $110,000. Currently, Kiki has no income from geothermal wells. Kiki has calculated her current-year IDC preference to be $9,400. Is this the correct preference amount?
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Kikis IDC preference is 13100 not 9400 While the 10year amortization amount is incorporate...View the full answer
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Related Book For 
South-Western Federal Taxation 2018 Comprehensive
ISBN: 9781337386005
41st Edition
Authors: David M. Maloney, William H. Hoffman, Jr., William A. Raabe, James C. Young
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