Upon Jimmy Ray$$s death, the following assets were valued at fair market value as follows:

Personal belongings, $$450,000$

Investments in stocks and bonds, $$17,300,000$

Cash dividends declared before Jimmy Ray's death but paid after his death, $$100,000$

Insurance proceeds on a policy on his life, $$600,000.$ His niece is the beneficiary. Jimmy Ray possessed the right to change beneficiaries, which was never exercised.

Corpus of a trust created by Jimmy Ray's mother, $$900,000.$ Jimmy Ray possessed the right to appoint the ownership of the trust$$s corpus and income only to his children.

In addition, Jimmy Ray had personal debts of $$80,000$ and his estate incurred funeral expenses of $$25,000$ and legal$/$accounting fees of $$35,000($not deducted on the fiduciary income tax return$).$ Jimmy Ray$$s will provides a $$200,000$ bequest to the American Heart Association, with all other assets passing to his children.

Compute Jimmy Ray$$s taxable estate. Show work for partial credit.