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Business, 08.11.2019 03:31 baseball1525

Donny owns and leases a coal mine to brian. the lease agreement states that brian will pay donny $4 per ton royalty on coal mined. what is brian’s percentage depletion deduction for the current year from the information given below? 1. gross income from coal $250,000 2. income from trucking coal 20,000 3. royalty paid donny 30,000 4. taxable income on coal (excluding depletion) 40,000 5. coal depletion rate 10%

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Donny owns and leases a coal mine to brian. the lease agreement states that brian will pay donny $4...

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