top of page

Minutes of Members Meeting on June 11, 2023.      (Updated 2023-11-13) 

  1. all members: Ann, Laura, Edward, Julie, Carolyn were present
    and their spouses: Dick, Greg, Janet, Michael, Carl 

  2. Members, after discussion, unanimously approved to sell all the assets of Keyser, LLC and it's disregarded entity Keyser Interests LLC. 

  3. Members unanimously agreed that after selling the assets the two LLCs will be dissolved. 
    (click here for a copy of the signed unanimous agreement) 

  4. Members unanimously agreed with the plan to use a combination Oil & Gas property interests auction sites like EnergyNet.com and brokers for the bigger properties like Culberson County.
    Some points discussed and here further clarified: 

  5. The plan (number 4 above) is the recommendation of Dan, Edward's advisor friend, and other family advisors to Stewarts and Curtiss. 

  6. Edward, with Dan's help and advice will move forward on the sale of properties with the intention of completing the sale and dissolutions in 2023.

  7. The cost basis for 1/2 the assets was set to current value and capital gains on mom's half were absorbed into her $11,000,000 estate tax exemption. 

  8. The cost basis for the other 1/2 of the assets, approximately $2,500,000 (entire Keyser, LLC valued at $5,000,000) can assumed to be $0. Keyser, LLC accountant is aware and thinking about "best practices". 

  9. Assuming we do get $5,000,000 for the assets and you file jointly for less than $500,000 your capital gains tax bracket will be 15%. Each partner will owe capital gains taxes of 15% of 1/5 of $2,500,000 or $75,000 for their part of the sale of Keyser, LLC. 

    1. 2023/11/10 - 2023 long term cap gains rates are 15% under $492,300 and 20% above

    2. ​2023/11/12 - At this point it seems unlikely that our Culberson properties will be sold in 2023. 

      1. As you know, we have an informal offer of $5.5MM for the Culberson and Reeves properties.
        117 net mineral acres[NMA] / $5.5MM is $47,000 per NMA 

      2. As implied above (7,8,9), the income will be Capital Gains. The cost basis on half the gain is 1970 (when mom and dad divorced)when the assets initially became ours. The cost basis on the other half is December 2019 when mom died. 

  10. meeting adjourned 

bottom of page