How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Lev Your Own Question
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28081
Experience:  Taxes, Immigration, Labor Relations
Type Your Tax Question Here...
Lev is online now
A new question is answered every 9 seconds

In Texas, if I inherit 100% of the mineral rights to a property

Resolved Question:

In Texas, if I inherit 100% of the mineral rights to a property but only 50% of the surface rights and 50% of the property of the estate, do I own 100% of the existing oil pumped but not yet sold at the time of my father's death?
Submitted: 7 years ago.
Category: Tax
Expert:  Lev replied 7 years ago.

Oil pumped is associated with the mineral rights - starting with the time you took ownership of the mineral rights - you would owned all oil pumped.


The oil pumped before you became an owned of the mineral rights - is inventory - who inherited inventory - should be decided separately by the estate administrator according to your father's will.


Also the basis of inventory would be stepped up basis - a fair market value at the time your father died - that is very important - because there will not be any taxable gain from selling the inventory.


Lev and 2 other Tax Specialists are ready to help you