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(Solved) 59. Chris purchased an oil interest for $2 million. Recoverable barrels were esti- mated to be...


59.   Chris purchased an oil interest for $2 million. Recoverable barrels were esti- mated to be 500,000. During the year, 120,000 barrels were sold for   $3.84 million, other business expenses (including cost recovery) were  $1.24  million,  and IDCs were $1 million. Calculate Chris’s taxable income under the expensing and capitalization methods of accounting for    IDCs.      

 


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Oct 15, 2019

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