Donna Stobers estate has the following assets (all figures approximate fair value):

Investments in stocks and bonds	$	1,605,000
House		709,000
Cash		75,500
Investment land		70,000
Automobiles (three rare vehicles)		60,000
Other assets		112,000

The house, cash, and other assets are left to the decedents spouse. The investment land is contributed to a charitable organization. The automobiles are to be given to the decedents brother. The investments in stocks and bonds are to be put into a trust fund. The income generated by this trust will go to the decedents spouse annually until all of the couples children have reached the age of 25. At that time, the trust will be divided evenly among the children.

The following amounts are paid prior to distribution and settlement of the estate: funeral expenses of $22,600 and estate administration expenses of $12,900.

What value is to be reported as the taxable estate for federal estate tax purposes?