Questions on purchasing land and selling pieces

[Tim Block]

Hoping some of you long time investors have experience with a land purchase question and how it relates to taxation. If you buy a large property (say 100 acres) for $100K, and sell a few small parcels from it totaling 20 acres for $60K overall, do you have to pay any taxes on the sale or would that still be considered non taxable since you haven’t realized a gain over the initial $100K purchase price (even though you still maintain possession of a majority of the land purchased)? Thanks in advance for responses.