Land cost allocation

[Henry Clark]

Bought 75 acres. Will subdivide about 50 acres to house lots. The other 25 acres which runs down the middle we will retain ownership and build ponds on and leave in trees. It is currently a big ditch running the full length of the property. 

Let’s use $700,000 as the base.  Would like to assign $100,000 to the waste ground 25 acres which we will retain ownership of.  Assign the remaining $600,000 to the 50 acres we will sell as lots.  

Not that it matters but all of the lots will have easement access to the ponds on the waste ground. 

This will help on the tax base when we sell the lots. 

Will talk with our CPA but anyone had a similar position to move basis over?