Howard,age 82,dies on January 2,2015

question 165

True/False

Howard,age 82,dies on January 2,2015.On Howard's final income tax return,the full amount of the basic and additional standard deductions will be allowed even though Howard lived for only 2 days during the year.

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Definitions:

Depletion

The allocation of the cost of natural resources over their useful life.

Mining Company

A company involved in the extraction of minerals, metals, or other geological materials from the earth.

Mineral Rights

Legal entitlements allowing the holder to explore, extract, and sell mineral resources from a piece of land.

Depletion

The allocation of the cost of natural resources over their productive life.