When My mother died last year us 5 children inherited a farm. It was apprasied at 325,000 for the estate. We agreed on on 350,000. I bought the other 4 children out (4/5 of 350,000). The attorney says I must show a purchase price of 350,000 when I record the deed to set my basis for any future sale of the property. I am allowed to show a purchase of price of 4/5 which is 280,000 and is what I paid since I inherit 1/5. To record the deed it cost 1,300 at 350,000 purchase. The recording price for 280,000 is 1,000. Is he correct or can I claim 350,000 basis if I record the deed at 280000?

No, you have to record the deed for the amount the farm is worth, 350,000. You are investing in your future by paying the fee of l300. Consider it a good investment as you will find out somewhere down the line when you want to sell.