Which account is used for the deduction related to prospecting, extracting, or producing petroleum or natural gas? Question 5Answer a. Maintenance Reserve Fund b. Site Restoration Account c. Environmental Restoration Fund d. Savings Account
The correct answer is b. Site Restoration Account. This account is typically used for the deduction related to the costs associated with prospecting, extracting, or producing petroleum or natural gas, particularly for the purpose of restoring the site after extraction activities.