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Paul incurred circulation expenditures of $180,000 in 2019 and deducted that amount for regular income tax purposes.Paul has a $60,000 negative AMT adjustment for each of 2020, 2021, and for 2022.
Thick Gray Shale
A dense, fine-grained sedimentary rock formed from clay deposits, typically appearing gray in color and occurring in thick layers.
Sedimentary Rocks
Rocks formed from the accumulation and consolidation of sediment, typically found in layers, including sandstone, limestone, and shale.
Denver Region
A geographic area in the United States known for its high elevation, situated near the Rocky Mountains.
Lithified
The process through which sediment consolidates into solid rock, typically through compaction and cementation.
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