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Tom and Elizabeth purchase land for $1,000,000Tom furnishes $400,000 and Elizabeth $600,000 of the purchase price. Title to the property is held as joint tenants
Tom and Elizabeth purchase land for $1,000,000Tom furnishes $400,000 and Elizabeth $600,000 of the purchase price. Title to the property is held as joint tenants with right of survivorship. Elizabeth dies first ten years later when the land is worth $2,000,000.
a. How much of the property is included in Elizabeth's gross estate? $
b. What is Tom's income tax basis in the property? $
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