Upon Jimmy Rays death, the following assets were valued at fair market value as follows: Personal belongings, $450,000 Investments in stocks and bonds, $17,300,000 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, $900,000. Jimmy Ray possessed the right to appoint the ownership of the trusts corpus and income only to his children. In addition, Jimmy Ray had personal debts of $60,000 and his estate incurred funeral expenses of $15,000 and legal/accounting fees of $35,000 (not deducted on the fiduciary income tax return). Jimmy Rays will provides for $200,000 bequest to the American Heart Association, with all other assets passing to his children. Compute Jimmy Rays taxable estate. Show work for partial credit.