Depletion

Tax Glossary Definition

Depletion

Depletion – Depletion is the systematic reduction in the recorded value or available quantity of natural resources—such as oil, gas, minerals, or timber—as they are extracted or utilized. In accounting, it represents the allocation of a resource’s cost over the periods in which it contributes to generating revenue.

Example: An energy company charges annual depletion expenses as it draws crude oil from its underground reserves.

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