Exercise 19-21 (Algorithmic) (LO. 4) Tom and Elizabeth purchase land for $1,300,000-Tom furnishes $390,000 and Elizabeth...

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Exercise 19-21 (Algorithmic) (LO. 4) Tom and Elizabeth purchase land for $1,300,000-Tom furnishes $390,000 and Elizabeth $910,000 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 $2,600,000. a. How much of the property is included in Elizabeth's gross estate? 1,820,000 Feedback Check My Work b. What is Tom's income tax basis in the property? 780,000 X Exercise 19-21 (Algorithmic) (LO. 4) Tom and Elizabeth purchase land for $1,300,000-Tom furnishes $390,000 and Elizabeth $910,000 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 $2,600,000. a. How much of the property is included in Elizabeth's gross estate? 1,820,000 Feedback Check My Work b. What is Tom's income tax basis in the property? 780,000 X