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

question 99

Multiple Choice

Charles purchases an interest in a uranium mine for $2,500,000 on June 7, 2018. Recoverable tonnage is estimated at 500,000. During 2018, 25,000 tons are mined and sold for $800,000. Charles incurs $500,000 of expenses during 2018. The percentage depletion rate for uranium is 22%. What is the depletion deduction for 2018?

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

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