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Calculate wes lowest taxable income

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Question - 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 related expenses amounted to $5,000,000. Assuming that the mineral depletion rate is 22%, calculate Wes's lowest taxable income after any depletion deductions.

Reference no: EM133053689

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