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1) Wes acquired a mineral interest during the year for $10,000,000. A geological survey estimated that 250,000 tons of the mineral remained in the...
1)Wes acquired a mineral interest during the year for $10,000,000. A geological survey estimated that 250,000 tons of the mineral remained in the deposit. During the year, 80,000 tons were mined, and 45,000 tons were sold for $12,000,000. Other expenses amounted to $5,000,000. Assume the mineral depletion rate is 22%.What is the taxable income before the deduction for depletion? $Under cost depletion, what is the amount of the deduction? $Under percentage depletion, what is the amount of the deduction? $Wes's lowest taxable income after the depletion deduction is $ .2) Orange Corporation acquired new office furniture on August 15, 2012, for $130,000. Orange did not elect immediate expensing under § 179. Orange takes additional first-year depreciation.a. Orange's cost recovery deduction for 2012 is $3) Weston acquires a new office machine (seven-year class asset) on November 2, 2012, for $75,000. This is the only asset acquired by Weston during the year. He does not elect immediate expensing under § 179. He does take additional first-year depreciation. On September 15, 2013, Weston sells the machine.What MACRS convention applies to the machine?Weston's cost recovery for 2012 is $ and for 2013 is $ .
