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Tom and Elizabeth purchase land for $ 2 , 4 0 0 , 0 0 0 Tom furnishes $ 7 2 0 , 0 0
Tom and Elizabeth purchase land for $Tom furnishes $ and Elizabeth $ of the purchase price. Title to the property is held as joint tenants with right of survivorship. Elizabeth dies first years later when the land is worth $
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a How much of the property is included in Elizabeth's gross estate?
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b What is Tom's income tax basis in the property?
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