• LewisCo reports gross income of $111,550 and other property-related expenses of $66,800 and uses a depletion rate of 14%. On August 1, 2022, Randall purchased and began operating the Falcon Café. Of the purchase price, $80,000 is allocated to goodwill. Determine LewisCo's taxable income after depletion and Randall's section 197 amortization deduction for 2022, respectively. . O $22,375; $15,617 O $44,750; $15,617 O $22,375; $2,222 O $29,133; $2,222 O $44,750; $2,667 O $29,133; $2,667
• LewisCo reports gross income of $111,550 and other property-related expenses of $66,800 and uses a depletion rate of 14%. On August 1, 2022, Randall purchased and began operating the Falcon Café. Of the purchase price, $80,000 is allocated to goodwill. Determine LewisCo's taxable income after depletion and Randall's section 197 amortization deduction for 2022, respectively. . O $22,375; $15,617 O $44,750; $15,617 O $22,375; $2,222 O $29,133; $2,222 O $44,750; $2,667 O $29,133; $2,667
Chapter8: Depreciation, Cost Recovery, Amortization, And Depletion
Section: Chapter Questions
Problem 28CE
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