Jeff,
It's possible that no tax would be owed. Please take a look at the "inheritance" section of this article. It explains that if the asset was received by inheritance, your wife's basis would be her share of the fair market value on the date that her father passed away. Since it sounds like the property was sold shortly thereafter, if you can obtain documentation that the property was worth the same amount it was sold for (or more) on that date, then there would be no capital gain and no tax owed.
I hope this information is helpful.
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