Feedlot Sale - gain calculation

[jasdlm]

I'm struggling.  Child was the remainderman on a life estate in a feedlot.  The value at the date of death of the grantor  was 73,000.  Basis in 1245 property on the lot was $34,000 with accumulated depreciation of $5,500.  Life Estate owner gifted his interest to the child in 2015.  (Grantor died in 2008.)

I'm not completely sure how to classify a feedlot.  I have one sales price of $150,000 not assigned to land vs. equipment/improvements (it was sold at auction).  Would a feedlot, given all that it takes to maintain it, be 1252 property (If I'm suggesting something really stupid, please don't flip out.)  Would I simply take the entire sales price, basis, and recap on 1 column of the 4797 and code it 1252 property?  Should I attempt to split out the sales proceeds based on the basis amounts and list 2 separate transactions for the sale?  Other 'best practice' ways to report?  Any thoughts or guidance is truly appreciated.

 

[DANRVAN]

Not 1252 property.  That is farmland for which soil or water conservation expenses have been deducted and are recaptured on form 4797.

 

[jasdlm]

Thanks very much.  I appreciate it.