Charles Purchases an Interest in a Uranium Mine for $2,500,000

question 4

Multiple Choice

Charles purchases an interest in a uranium mine for $2,500,000 on June 7,2013.Recoverable tonnage is estimated at 500,000.During 2013,25,000 tons are mined and sold for $800,000.Charles incurs $500,000 of expenses during 2013.The percentage depletion rate for uranium is 22%.What is the depletion deduction for 2013?

• A)$125,000
• B)$150,000
• C)$176,000
• D)$200,000
• E)$250,000

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Definitions:

Ethnic Identity

A person's sense of identity concerning their belonging to a specific ethnic group, often associated with a shared culture, ancestry, language, and other social attributes.

Identity Formation

The development of a distinct personality or self-concept that integrates various roles, attitudes, skills, and beliefs.

Erikson

A developmental psychologist known for his theory on the psychosocial development of humans, which describes eight stages from infancy to adulthood with each stage presenting a conflict that must be resolved.

Adolescence

This period involves significant changes in both physiological and psychological aspects, usually starting with puberty and concluding upon reaching legal age.