Exercise 19-25 (Algorithmic) (LO. 4) Tom and Elizabeth purchase land for $5,080,000-Tom furnishes $1,524,000 and Elizabeth $3,556,000 of the purchase price. Titie to the property is listed as joint tenants with right of survivorship. Elizabeth dies first ten years later when the land is worth $10,160,000. a. How much of the property is included in Elizabeth's gross estate? 7,112,000 Feedback b. What is Tom's income tax basis in the property? 1,524,000| x Exercise 19-25 (Algorithmic) (LO. 4) Tom and Elizabeth purchase land for $5,080,000-Tom furnishes $1,524,000 and Elizabeth $3,556,000 of the purchase price. Titie to the property is listed as joint tenants with right of survivorship. Elizabeth dies first ten years later when the land is worth $10,160,000. a. How much of the property is included in Elizabeth's gross estate? 7,112,000 Feedback b. What is Tom's income tax basis in the property? 1,524,000| x