Lindsey Purchased a Uranium Interest for $10,000,000 on January 3

question 41

Essay

Lindsey purchased a uranium interest for $10,000,000 on January 3, 2018, when recoverable reserves were estimated at 200,000 units. A total of 10,000 units were extracted in 2018 and 7,000 units were sold in 2018. Gross income from the property was $2,800,000 and taxable income without the allowance for depletion was $1,000,000. Determine her depletion deduction for 2018.

---

Definitions:

Diversity Training Groups

Organized sessions or workshops aimed at increasing participants' awareness, understanding, and appreciation of diversity within the workplace.

Top Management

The highest level of executive and administrative officers in an organization, responsible for strategy formulation and overall direction.

Targeted Recruitment

is a recruitment strategy where efforts are focused on attracting candidates from specific groups, skills sets, or backgrounds.

High Leadership Positions

Roles within an organization that hold significant authority and responsibility, often involving strategic decision-making.