What would be the 1% of the time that you wouldn’t qualify? Good stuff!
Buddy Cotten said:
Dear Mr. von Proctor,
In 99% of the time, you would qualify for a depletion allowance. You may either have percentage depletion or cost depletion. Percentage depletion (at the present time) is 15%. Cost depletion will depend on your basis.
Check with your accountant or tax advisor.
Best,
Buddy Cotten Mineral Management