Tax basis for inherited property is generally fair market value as of the date of death. Often times a value for mineral interests is not included in the deceased inventory. However, it may be possible to arrive at a value for basis and stay within the federal estate tax exemption. Even though the acreage is not leased nor is producing, there is a value to the heir. Amended income tax returns may be filed for a period of three years.
New developments in technology allow us to compute basis in accordance with Internal Revenue Regulations at different points in time.
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