Raw Land: Buying a Subdivided Parcel and Selling Individual Lots

[Brady Rue]

Hey BP, I've just put in an offer on a 1.9 acre piece of land in a near downtown area that's walking distance to the Gulf here in N FL.  The parcel is already broken into 2 residential lots and my question is this: If I buy the whole parcel for $14,000 and then sell just 1 of the lots for $20,000(about 70% of what it's worth) and hold the other lot for a while, would I have to pay taxes on just the $6,000 total gains or would it be $13,000 because I technically paid $7,000 for each lot?