1031 depreciation of replacement assets

I am working on my first 1031 deferred exchange in many years. I've
completed the exchange part OK and am now dealing with depreciation
of the replacement property.
Relinquished property was a ranch with less than 20% (of basis)
depreciable improvements (fencing, and corrals). The replacement
property has @ 35% depreciable improvements (fencing, barn, shop and
horse stalls).
If I elect out of creating carryover basis for the replacemet
depreciable improvements, can I just set asset up at its FMV and put
the remaining basis as land? Or do I have to use some other
calculation for each asset?
Thanks for any advice.
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