In the current year, Terry age 65, funded an irrevocable trust for $1,000,000. Terrys friend, Randy, age 35, will receive all the income, payable annually for his lifetime. Upon Randys death, the corpus will pass outright to Terry's other friend, Mark, age 30, or to Marks estate. Assuming the Internal Revenue Code (IRC) Section 7520 rate is 5%, how much is Terry's taxable gift to Mark?

Group of answer choices

$108,230

$123,230

$136,780

$151,780