Please verify that the appraisal back in 1999 was correct. You might want to contact a professional appraiser who will provide historical appraiser of the inherited property.
You correctly determines the capital gain.
That would be long term gain - taxed at reduced rate - not more that 15%
Part of the gain that fall into 15% tax bracket and below will be tax free.
Thus - if you are single the 15% tax bracket is limited by $32,550
So $32,550 - $23,994 = $8556 will be tax free and
$75,600 - $8556 = $67044 will be taxed at 15% long term capital gain rate.
Ohio state taxes will be about 4.5%
Let me know if you need help with reporting.
Based on estimation above and my assumptions - that is correct. I wish to bring better news for you...
That is why I asked you to verify if the FMV back in 1999 was determined correctly - if the value was below the market value - you need to order a new historical appraisal.
Also I estimated based on 2008 tax rate and on assumption that you are single.