Can I use the tax appraisal value at the time land was gifted to my wife for the basis in a timber sale?

[walt-gl]

The land was gifted to my wife in 2004 and I have the appraised value of the timber My goal is to calculate the timber depletion allowance

[Leonard · Accepted solution]

Yes, you can use the tax appraisal value at the time the land was gifted to your wife as the cost basis to calculate your timber depletion allowance.