Tom and Lisa have amassed great wealth and they wish to shift some of that wealth to their children. Their children, however, have not shown the greatest responsibility in managing financial assets in the past. Tom and Lisa decide to create a family limited partnership. Tom and Lisa transfer their mutual funds and their stock portfolio to the FLP. The value of assets transferred to the FLP is $1,000,000. They each have a 1% general partnership interest and 49% limited partnership interest. A valuation expert has indicated that they can take a 20% discount for lack of marketability and minority interests. If Tom and Lisa each gift their entire limited partnership interest to their four sons, what is the value of the taxable gifts that Tom has made?