Buying out a farm partnership.
I'm in a farm partnership with my father in law(fil) and my brother in law (bil). My fil owns the property involved with the farm which he inherited from his father. He wants to retire so I'm planning to buy him out and keep my bil on board as a small percentage partner with no ownership. My fil doesn't want to pay a huge amount of taxes on this sale which is worth about a million dollars. I will need to show that i bought it so i can depreciate om my taxes. Most of the value here is improvements he has made and has depreciated over the years. How can we work this transition to save us all from paying a huge amount of taxes?