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What is Sachin percentage depletion deduction

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Question - Sachin owns a platinum mine with a basis of $30,000,000 and estimated reserves of 1,500,000 grams of platinum. He extracted 90,000 grams and sold 150,000 at $20 per gram in 2020. Sachin's taxable income before the depletion deduction is $2,000,000.

What is Sachin's percentage depletion deduction in 2020?

a. $3,000,000

b. None of these

c. $693,000

d. $1,000,000

e. $1,155,000

Reference no: EM132612895

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