Fundamentals of Oil & Gas Accounting 5th Edition by Rebecca Gallun, Charlotte Wright

تمرين 2

Big Tree Petroleum incurs G&G costs of $21,000 for Project Area 12. Three areas
of interest are identified. Detailed G&G is conducted on the areas of interest at the
following costs: As a result of the detailed G&G studies, the following leases were acquired: Determine the tax basis of any assets and the amount of any tax deductions.