FMV Basis for the Sale of Inherited Property

Hello All,

I, along with three other siblings, inherited a piece of property. We were each given ¼ share of the FMV. Sometime later one of the siblings died, and the three remaining siblings now had 1/3 share.

In 2023 we decided to sell the property. My feelings are that since we initially had ¼ share of the FMV, when we sold the property in 2023 we each should still use the ¼ basis for reporting the gain. The fact that there are now only three sharing the sale of the property only increases the final value of each share. It has no effect on the original  FMV we shared.

It has been suggested that we should all use 1/3 of the original FMV as the basis for the gain. Which one is correct, 1/3 or 1/4?