How do I claim capital gains on the sale of inherited farm land?

[jinx123456789]

My father passed away leaving his farm land to my brothers and I. 

One fifth of the total sale is mine.  Do I claim one fifth of the total sale?

Can I use  the Fair market value minus the current selling price and this would be my capital gain?

[TurboTaxJeffrey · Accepted solution]

Yes on all accounts.  You would take one fifth of the Fair Market Value (FMV) as the Adjusted Cost Base, one fifth of the selling price as the Proceeds of Disposition, and one fifth of the real estate fees and any legal fees as outlays and expenses.  Proceeds of disposition less ACB less outlays and expenses results in your capital gain or capital loss.