Rick Purchased a Uranium Interest for $10,000,000 on January 3,2011,when

question 54

Essay

Rick purchased a uranium interest for $10,000,000 on January 3,2011,when recoverable reserves were estimated at 200,000 units.A total of 10,000 units were extracted in 2011 and 7,000 units were sold in 2011.Gross income from the property was $2,800,000 and taxable income without the allowance for depletion was $1,000,000.Determine the depletion deduction for 2011.

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