Capital gains tax

Good morning,
When dividing assets can you deduct money called capital gains tax from a piece of commercial real estate? We both own the property and when it was bought we did a like kind of exchange and did not pay taxes on the property in 2003. We sold one piece of property and used that money to buy another one. Can my husband deduct any money from the apprised price of the property? We are not selling it. He wants to keep it. Any deductions will lower the total apprised price. Can he deduct that money and what % can he deduct it at?
Thanks ,

Tax advice is beyond the scope of this forum, please consult a tax attorney regarding this question.