Depletion Allowance
What backup paperwork does the IRS require in order to take the depletion allowance on oil royalties? I've read that 15% is the standard amount for oil--is there someplace on the IRS website that verifies that percentage?
What backup paperwork does the IRS require in order to take the depletion allowance on oil royalties? I've read that 15% is the standard amount for oil--is there someplace on the IRS website that verifies that percentage?
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