Percentage depletion is not limited by the taxpayer's basis in the property subject to depletion. But in the case of a partner's 1040 is it limited to the taxpayer's basis in the partnership? I do not want it to be, but I think it probably is.
This is one of those things that I should probably know but I do not feel sure of myself. Would any kind souls be willing to set my mind at rest? Ideally with an authoritative citation that I could cling to for comfort