n.

1. The act or process of depleting.
2. The state of being depleted; exhaustion.
3. The use or consumption of a resource, especially a natural resource, faster than it is replenished.

noun

The depletion or sapping of strength or energy: attenuation, debilitation, devitalization, enervation, enfeeblement, impoverishment. See strong/weak.

n

Definition: exhaustion
Antonyms: augmentation

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The exhaustion of a natural resource, the amount of the original deposit being hidden from view and thus necessarily unknown. 103 S.E. 2d 823, 825. In taxation, depletion allowance is a deduction allowable to an owner of oil, gas, mineral, or timber property (depletable property). I.R.C. §611 et seq. It allows an owner to recover the capital cost of the natural resource property as he exhausts the natural resources. This should be contrasted with depreciation deduction provisions which deal with the wear and tear and deterioration of tangible physical property incident to its use which results in the shortening of its useful life. 513 S.W. 2d 319, 322.

cost depletion first cost depletion requires a determination of the number of units which will be produced by the property. I.R.C. §611. Then, the portion of the basis allocable to the reserves of depletable property is divided by the number of units to be produced. This amount is then deductible as each unit is sold during the taxable year. The basis of the property is reduced by the depletion taken and once basis allocable to the depletable reserves reaches zero no further depletion is allowed.

percentage depletion a special method for computing depletion which is allowable with respect to all depletable property except timber. I.R.C. §613. Percentage depletion allows as a deduction from gross income a percentage of the gross income received with respect to such property. Although percentage depletion reduces the owner's basis in the property, percentage depletion continues to be allowed even if the basis is reduced to zero.

IN BRIEF: The state of being emptied or lessened.

Depletion of the ozone layer is causing concern among scientists.