If you are purchasing the acreage from the estate, the purchase price would be whatever can be agreed upon by both parties. The basis for the estate, however, in the transaction would be the FMV on the date of death of the decedent.
If you are selling property you inherited, your basis is the FMV on the date of death of the decedent. Subtract that basis from your selling price to arrive at gain or loss on the transaction.
