The theoretical aspects behind the reactor depletion capability of the Monte Carlo code MCS developed at the Ulsan National Institute of Science and Technology (UNIST) and practical results of this depletion feature for a Material-Testing Reactor (MTR) with plate-type fuel are described in this paper. A verification of MCS results is first performed against MCNP6 to confirm the suitability of MCS for the criticality and depletion analysis of the MTR. Then, the dependence of the effective neutron multiplication factor to the number of axial and radial depletion cells adopted in the fuel plates is performed with MCS in order to determine the minimum spatial segmentation of the fuel plates. Monte Carlo depletion results with 37,800 depletion cells are provided by MCS within acceptable calculation time and memory usage. The results show that at least 7 axial meshes per fuel plate are required to reach the same precision as the reference calculation whereas no significant differences are observed when modeling 1 or 10 radial meshes per fuel plate. This study demonstrates that MCS can address the need for Monte Carlo codes capable of providing reference solutions to complex reactor depletion problems with refined meshes for fuel management and research reactor applications.