No. WW-1063 (1961).

• Case Date: May 16, 1961
• Court: Texas

Texas Attorney General Opinions 1961. No. WW-1063 (1961). 1May 16, 1961Honorable Robert S. CalvertComptroller of Public AccountsCapitol StationAustin, TexasOpinion No. WW-1063Re: Proper method of computing inheritance taxes on royalty interest of life tenant under submitted facts.Dear Mr. Calvert: We quote the following excerpt from your letter requesting the opinion of this office on the above captioned matter:

"Winnie Craft Minchen Griffis died testate on August 15, 1958, a resident of Harris County, Texas, seized and possessed of an estate valued at $723,525.32 gross. The bulk of the estate of the deceased consists of a royalty interest in the Old Ocean Field in Brazoria County, Texas. The average monthly income from this royalty interest is $6,300.00 which was valued on a 100 month pay-out basis. 100 X 6,300.00 equals $630,000,00, the value of the mineral interest of the deceased."

The pertinent provisions of the decedent's will, which you have submitted to us, are the following: "Item 4.

"I hereby appoint the National Bank of Commerce of Houston, Texas, a national banking association, executor under this will and of my Estate and direct that no bond shall be required of it.

"With the exception of the hereinafter mentioned property, my Executor shall have full power and authority to sell or mortgage any part or parts, real or personal, of my estate on such terms and for such consideration or considerations as it may deem advisable.

"My said Executor shall have no authority from me to sell or mortgage my interest in

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what is known as the Old Ocean Oil Field in Brazoria County, Texas, except that, as a last resort, it may mortgage the royalty and/or rental income from my interests in said oil field for the purpose of paying the State Inheritance Taxes and the Federal Estate Taxes on my Estate.

"Item 5.

"I give and bequeath all of my personal property to my legally adopted son, William France Minchen, to be held by him as his separate property.

"Item 6.

"I give and devise all of my real property to my legally adopted son, William France Minchen, for and during his natural life to have the use and benefit of same as his separate property and, upon his death, said real property shall pass to and vest in such of his issue as he may by his will appoint which power is and shall be exercisable by him alone and in any

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