Depletion - Cost Depletion Schedule Worksheet

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This tax worksheet calculates cost depletion for taxpayers with a working interest in an oil and gas property.

Depletion is the using up of natural resources by mining, drilling, quarrying stone, or cutting timber. The depletion deduction allows an owner or operator to account for the reduction of a product's reserves.

There are two ways of figuring depletion: cost depletion and percentage depletion. For oil and gas property, you generally must use the method that gives you the larger deduction.

See Publication 535, chapter 9 for details.

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