Exercise $19-21($Algorithmic$)($LO$.4)$

Tom and Elizabeth purchase land for $$5,480,000-$Tom furnishes $$1,644,000$ and Elizabeth $$3,836,000$ of the purchase price. Title to the

property is held as joint tenants with right of survivorship. Elizabeth dies first $10$ years later when the land is worth $$10,960,000.$

a$.$ How much of the property is included in Elizabeth's gross estate?

$

b$.$ What is Tom's income tax basis in the property?

$