2: 3: Among the assets in a decedent's gross estate is stock in a closely held corporation that was left to a nephew. The interest passing to the nephew is required to bear the burden of all estate taxes and expenses. The relevant facts about this estate are as follows: Adjusted gross estate Fair market value of stock in the closely held corporation Administration and funeral expenses Federal estate taxes State estate taxes $2,700,000 1,300,000 35,000 322,000 60,000 What amount of closely held corporate stock can be redeemed under IRC Sec. 303 so that the redemption will be treated as a sale or exchange rather than a dividend distribution 5: $0 $357,000 $417,000 $1,300,000