Reference no: EM132774481
Company Z incurred $45,000 in G&G costs for work performed on 100,000 acres named Project Area 15. Three areas of interest were determined based on the initial G&G work in Project Area 15, Area 1, 2, & 3. Company Z incurred costs for additional G&G work was performed for each area as follows:
Area 1 $35,000
Area 2 $55,000
Area 3 $40,000
As a result of the G&G work performed on the three areas, the following leases were entered into:
Lease Acres leased WI
Area 1 Lease A 10,000 75%
Lease B 20,000 25%
Area 2 Lease C 40,000 100%
Area 3 Not leased
Problem 1: What is the amount of the deduction for G&G costs incurred for Lease B in the current year?
option 1: $20,000
option 2: $30,000
option 3: $70,000
option 4: $50,000
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