1031 Exchange Question

[Jeff Vierra]

Greetings, 

My brothers and I inherited an 8 unit complex in CA.  We area all on the title individually and not in a formal partnership agreement.  It is appraised at 2 million our cost basis is 1.5 million.  Lets say it sells at the appraised value... 

If I do a 1031 exchange, would my next purchase be based on the cap gains hit of $133,333 or do I have to take all of my portion and invest it in the 1031 which would be $633,333?

Thank you,