Management and Maintenance of Mineral Interests in the Partnership - The Income Tax Perspective

Volume 26 No. 4

by

Dustin G. Willey is an associate, and Michael V. Bourland the founding shareholder, in the Fort Worth, Texas, firm of Bourland, Wall & Wenzel, P.C.

For a variety of reasons, tax partnerships (usually in the form of state law limited partnerships or limited liability companies) have long been used as the instrument to house mineral interests held by landowners. Forming a partnership and funding it with mineral interests allows the owner to establish a framework for managing and maintaining the mineral interest during and after the owner’s lifetime. The primary purpose of this article is to point out the major income tax issues to consider when an oil and gas partnership is used in connection with an overall estate plan.

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