Exercise 19-21 (LO. 4) Tom and Elizabeth purchase land for $1,000,000-Tom furnishes $400,000 and Elizabeth $600,000 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 $2,000,000. a. How much of the property is included in Elizabeth's gross estate? 1,200,000 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? 800,000 X Feedback Feedback Check My Work Incorrect Feedback Check My Work Partially correct