Question: John Jones died at a time when his closely held business was valued at $3,500,000. His gross estate was $7,500,000. Administrative costs, debts and expenses

John Jones died at a time when his closely held business was valued at $3,500,000. His gross estate was $7,500,000. Administrative costs, debts and expenses totaled $500,000. Federal estate taxes totaled $1,250,000.

The amount of taxes which can be deferred under IRC Section 6166 is equal to:

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