1031 exchange rental properties for land to be developed

[Brian Fournier]

Hi folks,

I am thinking about a strategy to sell my 3 triplex rental properties and then by a tract of land to develop.  I would like to do a 1031 exchange.  The land would be a large parcel that I would subdivide into house lots and sell them individually or build spec houses on them.  My question is how would I calculate the basis for each individual lot that is carved out of the original tract of land?