Determine the amount of depletion expense, including being able to apply the alternative tax treatments for intangible drilling and development costs.
After completing Chapter 8, you should be able to: ⦁ LO.1State the rationale for allowing the cost recovery of an asset. ⦁ LO.2Determine the amount of cost recovery under the Modified Accelerated Cost Recovery System (MACRS). ⦁ LO.3Recognize when and how to make the § 179 expensing election, use additional first-year depreciation, and calculate the […]