Selling inherited farm land

[15Gornzz51]

A taxpayer inherited 1/15 of the same farm in two different years (2001 and 2015). If all the owners sell the farm together in 2024, is it correct that the taxpayer would enter two transactions on Sch D reporting the sales?

1] In 2001 (for the first inheritance), the owner inherits 1/15 of the farm.
FMV in 2001: $120000.
2001 taxpayer’s stepped-up basis: $120000(1/15) = $8000.

2] In 2015 (for the second inheritance), the owner inherits another 1/15 of the farm.
FMV in 2015: $329940.
2015 taxpayer’s stepped-up basis: $329940(1/15) = $21996.

3] Assuming the farms sells for $350000 in 2024, would $350000/15 = $23333 be the sale price for both transactions?

4] Would there be two transactions on Sch D as follows:
A] For 2001 inheritance: $23333 sale price - $8000 basis = $15333 LT gain.
B] For 2015 inheritance, $23333 sale price - $21996 basis = $1337 LT gain.

[Anarchrist]

If he receives one 1099 of $46,666 for the sale, I'd enter it as one item on the 8949.

[FEDUKE404]

In theory you could show two sales, and split the proceeds etc, but why do so if LTCG i applies to both.
You can certainly enter the purchase date as "various", and keep good records of how you obtained that number.
A further issue is it often helps to "match" the gross proceeds number shown on the tax return to the Form 1099 amount reported. It keeps the IRS happy.