Calculate total depletion and first year depletion deduction

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Reference no: EM131307169

A local coal mine is purchased for $380,000 on the basis of its estimated reserve of 200,000 tons of coal. In the first year of operation, the mine produced one-fourth of its reserve.

Calculate the total depletion and first-year depletion deduction given that the land can be salvaged for $10,000.

Reference no: EM131307169

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