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ella [17]
2 years ago
11

For an oil and gas limited partnership (LP), allowances in the form of deductions are allowed by the IRS to be taken to compensa

te for a depleting resource. The allowance can be taken based on
Business
1 answer:
Triss [41]2 years ago
3 0

Answer:

The allowance can be taken based on:

a reduction (production) of the oil and gas reserves.

Explanation:

A limited partnership's allowance for depletion is a special form of depreciation used to account for the gradual reduction in the value of natural resources based on their usage or consumption.  There are two methods for recognizing depletion of natural resources.  They are the cost depletion method, which is based on usage, and the percentage depletion method, which is a percentage of gross earnings.  Then, depletion is different from depreciation, in that depreciation is for tangible assets, while depletion is for natural assets.

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3 years ago
Tim buys a house from Betty in 2011 for $200,000. Betty receives $185,000 and $15,000 goes to Mary, the real-estate agent. Betty
Step2247 [10]

Answer:

$15,000 

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I hope my answer helps you

5 0
2 years ago
Under the modified accrual basis of accounting used by the General Fund, financial resources are considered available if the rev
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Answer:

D. During the current fiscal period or a reasonable time after year-end defined by each individual government.

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