The cost basis, in the property you inherited was the fair market value on the date of death. That may or may not be the same as the property tax assessed value. For sake of discussion, let's say it is. Then, your cost basis is $55,000. The forester says that $28,000 of that was for timber. That means your cost basis in land is $27,000 ($55K - 28K = 27K).
If you sell the land for $35,000, you will have a long term* capital gain, on the land sale of $8,000 (35K - 27K = 8K).
*Inherited property is considered long term regardless of how long you actually owned it.
