Taxation on sale of ORRI

If you sell inherited Overriding Royalty Interests that you have held for many years, how are they taxed for federal income tax? I assume it would be long term capital gains, but if so,what is the acquisition value?

Your basis would be the value at the date of death of person from whom you inherited, less depletion taken over the years. The reduced value can go to zero, but does not go negative.

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