View the step-by-step solution to: In 2013, 20,500 tons of ore were sold for $2,050,000. For tax

In 2013, 20,500 tons of ore were sold for $2,050,000. For tax purposes, operating expenses of the mine were $500,000. The tax payer may deduct either cost depleton or percentage depletion, which for the type o ore produced is 8 percent of production sold from the mine. Assume, however, that percentage depletion is limited to the amount of the net income from the property. What would be the aount of percentage depletion allowable in 2013?
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