Kiki incurred intangible drilling costs (IDC) of $180,800 during the year and deducted that amount for regular tax purposes. Her net oil and gas income for the year was $216,960. Currently, Kiki has no income from geothermal wells. Kiki has calculated her current-year IDC preference to be $18,080. Did kiki calculate the current-year IDC preference amount correctly? Enter Kiki's preference for IDC: $

Kiki incurred intangible drilling costs (IDC) of $180,800 during the year and deducted that amount for regular tax purposes. Her net oil and gas income for the year was $216,960. Currently, Kiki has no income from geothermal wells. Kiki has calculated her current-year IDC preference to be $18,080. Did kiki calculate the current-year IDC preference amount correctly? Enter Kiki's preference for IDC: $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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