Upon Jimmy Rays death, the following assets were valued:

Fair Market Value

Personal belongings $ 450,000

Investments in stocks and bonds 17,300,000

Insurance proceeds on a policy on his life.

His niece is the beneficiary. Jimmy Ray

possessed the right to change beneficiaries,

which was never exercised. 600,000

Corpus of a trust. Jimmy Ray possessed the

right to appoint the ownership of the trusts

corpus and income only to his children. 900,000

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.