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Level 1
February 28, 2021
Solved

OIL & GAS

i RECEIVED MINERAL RIGHTS WHEN MOTHER PASSED  1995 SHE GOT WHEN FATHER PASSED  1978 WHAT WOULD BE THE COST BASES? MOTHER HAD NO WILL 

WendyN2
WendyN2Answer
Level 9
March 2, 2021

The cost basis would be at the date you received/"inherited" them. You should be able to run an internet search for this information as it is "historical cost" information. 

1 reply

WendyN2
WendyN2Answer
Level 9
March 2, 2021

The cost basis would be at the date you received/"inherited" them. You should be able to run an internet search for this information as it is "historical cost" information.