Tom and Elizabeth purchase land for $$3,800,000$Tom furnishes $$1,140,000$ and Elizabeth $$2,660,000$ of the purchase price. Title to the property is held as joint tenants with right of survivorship. Elizabeth dies first $10$ years later when the land is worth $$7,600,000.$

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

$fill in the blank

$5,320,000$

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Some jointly owned property passs to heirs under a right of survivorship, not through the will.

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

$fill in the blank