Lucky Strike Mine (LLC) purchased a silver deposit for $1,500,000. It estimated it would extract 500,000 ounces of silver from the deposit. Lucky Strike mined the silver and sold it, reporting gross receipts of $1.8 million, $2.5 million, and $2 million for Years 1 through 3, respectively. During Years 1 through 3, Lucky Strike reported net income (loss) from the silver deposit activity in the amount of ($100,000), $400,000, and $100,000, respectively. In Years 1 through 3, Lucky Strike actually extracted 300,000 ounces of silver as follows: Ounces extracted per year Year 1 Year 2 Year 3 50,000 150,000 100,000 What is Lucky Strike's depletion deduction for Year 2 if the applicable percentage depletion for silver is 15 percent

$375,000

Explanation:

depletion rate musts equal the lesser between:

net income = $400,000

or

15% of gross revenues = $2,500,000 x 15% = $375,000

in this case, $375,000 is the smallest amount.

The percentage of depletion is used by extraction companies, e.g. oil & gas companies or mining companies.

answer; i believe its (d) intrinsic;

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