I sit down with Rob Prentice, the President of Turrett, LLC and current President of the Colorado Chapter of the National Association of Royalty Owners (NARO). Rob is an appraiser of mineral rights emphasizing oil and gas minerals. We dive deep into the types of mineral rights appraisals and specifically when you should get an appraisal done to set the IRS tax basis for minerals inherited then sold. We also talk about the National Association of Royalty Owners and what you need to know about this organization and why you should be a member if you aren't already one. If you haven't already, be sure to listen to the Mineral Rights Podcast Episode 4 where I talk about the different ways that minerals are valued. Be sure to check out the show notes to download a free IRS Mineral Rights Valuation and Tax Resource Guide.