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

تمرين 20

Garage Oil Company, an independent producer, has the following account balances at
1/1/20XA: Determine the amount of the tax loss on the following dates:
a. On March 1, 20XA, the unproved property is abandoned.
b. On April 2, 20XA, Lease B is abandoned with salvageable equipment in the amount
of $12,000.