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Net income before the percentage depletion deduction was

Question - Carrie owns a mineral property that had a basis of $15,000 at the beginning of the year. The property qualifies for a 22% depletion rate. Gross income from the property was $150,000, and net income before the percentage depletion deduction was $100,000. What is Carrie's tax preference for excess depletion?

$15,000

$18,000

$33,000

None of the above

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Accounting Basics: Net income before the percentage depletion deduction was

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Accounting Basics: Net income before the percentage depletion deduction was

Reference No:- TGS02791859

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