Santa Fe purchased the rights to extract turquoise on a tract of land over a five-year period. Santa Fe paid $800,000 for extraction rights. A geologist estimates that Santa Fe will recover 10,000 pounds of turquoise. During the current year, Santa Fe extracted 3,000 pounds of turquoise, which it sold for $510,000. What is Santa Fe's cost depletion deduction for the current year
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Santa Fe purchased the rights to extract turquoise on a tract of land over a five-year period. Santa...
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