I can't answer for copyright & law, Dave, but "reasonable use"? If you paid for the CD, the copyright holder has their cut. After that, it's yours to dispose of if you don't make a profit, or deprive them of theirs.

So, from the ethical pov, I've always recorded music I've bought for my own use. I bought it, I'm not cheating anyone. I've sometimes been given or lent a tape / etc. If I liked it, I've bought the original; if I didn't, I wouldn't have anyway. I'm not cheating anyone. If I paid for it... I can hand it over to a charity shop if I want. It's my property to dispose of, the manufacturer (be that the performer or label) has been paid the one time they're entitled to expect to be paid, and they haven't been ripped off by me seeking to profit from them.

To me, that is all perfectly ethical. I don't see any issue with recording music for your own use, and how you choose to dispose of something you paid for is entirely up to you. Provided you're not cloning whatever for your own benefit!