depletion(redirected from deplete)
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An accounting and tax term referring to deductions made to account for land becoming less valuable because of the removal of natural resources, including timber and geothermal deposits of hot water or hot rocks.
Examples of items eligible for the IRS depletion allowance under 26 U.S.C.§613(b) are
Oil and gas
For more information,see Publication 535,“Business Expenses,”Chapter 10,“Depletion,”available at the IRS Web site,www.irs.gov.