Paul, the executor of his brother Carsons estate, sold his brothers auto collection for $15...
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Paul, the executor of his brother Carsons estate, sold his brothers auto collection for $15 million to pay for the expenses of the estate. The proceeds were used to pay selling expenses of the auction house, Carsons debts, taxes, estate preservation, and expenses for estate administration. The $3.75 million selling expense was allocated as follows: $1.75 million to debts, $1.4 million to taxes, $350,000 to estate preservation, and $250,000 to estate administration. How much of the $3.75 million expense for selling the property of the estate is deductible?
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