We sold timber off property that has been in the family and gifted down through the generations for 200 years; how do I establish fair market value of the timber?

[DDollar · Accepted solution]

If you sold the timber in an "arms length transaction" then that amount would be the fair market value of the timber.  For more information, see the following web site: https://www.timbertax.org/getstarted/sales/