sale of a mineral land
Do I need to reduce my basis by the depletions when I calculate the capital gain? my friend didn't provide me his closing statement. just the amount of cash he received. Can I use that amount of cash as his sale price?
Do I need to reduce my basis by the depletions when I calculate the capital gain? my friend didn't provide me his closing statement. just the amount of cash he received. Can I use that amount of cash as his sale price?
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