< Exercise 19-21 (Algorithmic) (LO. 4) Tom and Elizabeth purchase land for $2,780,000-Tom furnishes $834,000 and Elizabeth $1,946,000 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 $5,560,000. a. How much of the property is included in Elizabeth's gross estate? 3,892,000 Feedback Check My Work Some jointly owned property passs to heirs under a right of survivorship, not through the will. b. What is Tom's income tax basis in the property? 16,680,000 X