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 totalled $500,000. Federal estate taxes totalled $1,250,000. The amount of taxes which can be deferred under IRC Section 6166 is equal to

Question 5 options:

$0

$625,000

$583,333

$1,250,000