Tax Implication For Timber Sale

Anyone here have any experience with a timber sale? I obtained the property 3 years ago and just sold timber. How do I account for it tax-wise? From what I read so far, it can either be ordinary income or a capital gain (long term). If capital gain I'm not sure how to calculate my basis. Is it the timber value as of 3 years ago? If so, timber has gone down slightly since then, so is it a loss?

Very confusing!