Wes acquired a mineral interest during the year for $10,000,000. A geological survey estimated that 250,000 tons of the mineral remained in the deposit. During the year, 80,000 tons were mined and 45,000 tons were sold for $12,000,000. Other related expenses amounted to $5,000,000. Assume the mineral depletion rate is 22%.

Calculate Wes's lowest taxable income, after any depletion deductions.

Lowest taxable income, after any depletion deductions=$4,360,000

Explanation:

Gross Income=$12,000,000

Expenses=$5,000,000

Income Before Depletion=Gross Income-Expenses

Income Before Depletion=$12,000,000-$5,000,000

Income Before Depletion=$7,000,000

Depletion Expense=Gross income*depletion Rate

Depletion expense=$12,000,000*0.22

Depletion expense=$2,640,000

Lowest taxable income, after any depletion deductions=Income Before Depletion-Depletion expense

Lowest taxable income, after any depletion deductions=$7,000,000-$2,640,000

Lowest taxable income, after any depletion deductions=$4,360,000

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