In 1978 my wife's dad was having some demencha, so her sibling had his farm split up and given sections to each sibling. Her dad was given the right to live on the land and collect any rents or any other income from the land. Her dad died in 1980. The wording on the new deeds given to each sibling says the following. " For and in consideration of the sum of $1 and Love and Affection for the seven siblings, her dad does bargain, give, grant and convey the parcels of land to each sibling. My question is whether our Tax Basis is $1 or the fair market value of the property at her dad's death.
