Business, 18.02.2022 09:00 taiyana74

Hoopin Oil Incorporated was allowed to deduct $5.3 million of intangible drilling and development costs on 2021's tax return. Which of the following statements is false? a. The deduction is a tax preference for Hoopin.
b. The deduction minimizes Hoopin's after-tax cost of locating and preparing oil wells for production.
c. Hoopin was allowed to deduct the costs only because they did not result in any long-term economic benefit.
d. None of these choices are false.

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