My Father & his Sister owned equal share of 10 acres.
When my Aunt Died 10 years ago (2007), I inherited her 50% share.
Therefore I became joint owner with my father.
My father died last year (2017), and I then inherited his share, now full owner,
I want to give my son 1 acre at a nominal price for him to build a house.
I know I have to apply market value for the sale/gift.
But how to I work out the base cost?
When my Aunt Died 10 years ago (2007), I inherited her 50% share.
Therefore I became joint owner with my father.
My father died last year (2017), and I then inherited his share, now full owner,
I want to give my son 1 acre at a nominal price for him to build a house.
I know I have to apply market value for the sale/gift.
But how to I work out the base cost?