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Author Question: Melissa acquired oil and gas properties for $600,000. During 2015 she elected to expense the ... (Read 67 times)

Redwolflake15

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on: Sep 13, 2020
Melissa acquired oil and gas properties for $600,000. During 2015 she elected to expense the $180,000 of IDC. Total depletion allowed was $50,000. During the current year, Melissa sells the property for $700,000.
a. What is the amount of and nature of her gain using the facts above?
b. What is the amount of and nature of her gain assuming that she sold the property for $850,000?
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by Redwolflake15 on Sep 13, 2020

laurnthompson

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Reply #1 on: Sep 13, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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Redwolflake15

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Reply 2 on: Sep 13, 2020
YES! Correct, THANKS for helping me on my review

Bigfoot1984

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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