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Franz established an irrevocable trust to provide income to

Franz established an irrevocable trust to provide income to his mother for life and the remainder interest to his son. He transferred $400,000 to the trust today. The IRS Section 7520 rate is 5% and his mother is age 82. What is the amount of the total taxable gifts that Franz will report on his gift tax return this year?

A. $100,084

B. $114,084

C. $285,916

D. $386,000

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