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Tom and Elizabeth purchase land for $1,200,000-Tom furnishes $360,000 and Elizabeth $840,000 of the purchase price. Title to the property is held as joint tenants
Tom and Elizabeth purchase land for $1,200,000-Tom furnishes $360,000 and Elizabeth $840,000 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 $2,400,000. 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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