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You would not be allowed to spread the gain over a 7 year period. The year of sale is the year you report the and pay any tax.
You will only be taxed on the gain. The gain is the difference in the sale price and the Fair Market Value of the land when your father passed away. This would mean that you would not pay tax on the entire $70,000, just the amount that was over the fair market value.
If you finance the sale and receive only a portion for 7 years, then you can use the installment method for reporting. You would report just a portion of the principle and the interest each year as income.
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Income averaging for all taxpayers was a way to effectively lower the tax rate on this year's income by spreading it over a number of prior (lower income) years to find an average tax rate for it.
Repealed:Under the Tax Reform Act of 1986, the general 4-year income averaging rule expired in 1986.
I add the above in case you were thinking of the older law that allowed for a lower tax.