Dividing Land and Tax

[Les Tindell]

We just purchased a small ranch (46 Acres) in Texas with the intent of dividing and re-selling.   The ranch is conducive for dividing because it has about 2500' of highway frontage.  My goal is to divide it as follows:

1.  15 Acres and a Pond

2.  26 Acres, Two Barns and Corrals

3.  5 Acres, House, Small Orchard

My question is:  If I sell them separately, how are the capital gains for each piece calculated?