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A wealthier partner may establish a GRIT and name his partner as remainder beneficiary of the trust. Which statement is not characteristic of a GRIT?

A wealthier partner may establish a GRIT and name his partner as remainder beneficiary of the trust. Which statement is not characteristic of a GRIT?

A grantor can transfer a business interest to the trust.
The taxable gift is equal to the value of the assets placed in trust.
A GRIT can reduce transfer taxes and increase the less wealthy partners estate to utilize that partners $5,340,000 exclusion.
A beneficiary does not pay gift taxes on trust property received after a grantors income interest ends.

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