Thank you. My only concern is the following from the 4797 instructions:“Disposition of Depreciable Property Not Used inTrade or BusinessGenerally, gain from the...
Are you sure the percentage depletion is not recaptured?IRC § 1254 clearly states you use an adjusted basis. Adjusted Basis would take into account the depletio...
Yes you get stepped up basis.But the mineral produce income and in the interceding years depletion was claim. To my understanding you must recapture that deplet...
