This depends on what units those 2s and the 4 are.
If they are feet then there is 0 cubic feet of soil in it.
If they are metres then there is 0 cubic metres of soil in it.
A hole as no soil in it.
What was taken out of the hole is 16 cubic units of soil.
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None!
There is no dirt in a hole.
There is no dirt in the hole, hence the hole.
0.148 cubic yard for every 3-inches deep
16 cub ft.