Rick Purchased a Uranium Interest for $10,000,000 on January 3,2010,when

question 84

Essay

Rick purchased a uranium interest for $10,000,000 on January 3,2010,when recoverable reserves were estimated at 200,000 units.A total of 10,000 units were extracted in 2010 and 7,000 units were sold in 2010.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 2010.

---

Definitions:

Process Evaluation

An assessment focusing on the implementation process of a program, activity, or policy to understand how it operates and to identify areas for improvement.

Summative Evaluation

Systematic assessment at the conclusion of a course, program, or learning activity.

Impact Evaluation

A study to assess the changes that can be attributed to a particular intervention, such as a project, program, or policy, apart from other causes.

Group Evaluations

Assessments or reviews of the performance, progress, or dynamics of a collective group of individuals.