I inherited land in February 2011 that was valued at $155,000. I sold it in August 2011 for $55,000. Is the $55,000 taxable to me?

No. In fact, you may even have a reportable tax loss. When you inherit property you get a stepped-up basis to the value of the asset on the date of death (with some exceptions). You also get an automatic long-term holding period for the asset. So you really had a $100,000 loss on the land when you sold it. However, if you used the land for personal purposes before selling it (e.g., you started to build a home on it), then the loss cannot be deducted.