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What is tom income tax basis in the property

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Reference no: EM133527605

Case Study: Tom and Elizabeth purchase land for $5,200,000-Tom furnishes $1,560,000 and Elizabeth $3,640,000 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 $10,400,000.

Question: a. How much of the property is included in Elizabeth's gross estate?

Question: b. What is Tom's income tax basis in the property?

 

Reference no: EM133527605

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