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Exercise 19-25 (Algorithmic) (LO. 4) Tom and Elizabeth purchase land for $5,080,000-Tom furnishes $1,524,000 and...

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Accounting

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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. Title 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? 3,556,000X Feedback b. What is Tom's income tax basis in the property? 7,620,000X 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. Title 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? 3,048,000X

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