Grandfather purchased farm in 1930 for $100 an acre. My father's generation inherited the dairy farm in 1953. The farm was gifted to my generation 1994 thru 1998. The family LLC has contract to sell part of farm for $200,000 an acre. Several of the family live in other states than where farm is. As Manager of LLC want to be able to advise my siblings on what to expect from the tax requirements (Fed, State, Local.... Others?).

Q: Cost basis? What would constitute step up? What can we do to get the highest cost basis possible?

Q: Tax requirements? State the farm is in and siblings requirements that live in other states?

Q: Thinking Capital Gains will be big.... can you advise as to what to expect?

Q: Can you recommend websites so I may get smarter on our situation? Obviously less tax bill the more better...(I know.... this is a great problem to have...)
thanks