Exercise $19-21($Algorithmic$)($LO$,4)$

Tom and Elqabeth purchase land for $$4,580,000-$Tom furnishes $$1,374,000$ and Elzabeth $$3,206,000$ of the purchase price. Titie to the property is held as joint tenants with right of survivorship. Elizabeth dies first $10$ years later when the land is worth $19,160,000.$

a$.$ HSW much of the property is Included in Etrabeth's gross ertate?

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b$.$ What is Tom's income tax bosis in the property?

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