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louise wants to transfer $ 1 , 0 0 0 , 0 0 0 portfolio of publicly traded ETF and mutual funds to a grantor

louise wants to transfer $1,000,000 portfolio of publicly traded ETF and mutual funds to a grantor retained annuity trust for the benefit of her grandchild. the GRAT will provide an income stream to ouise for a set period of time, after which the remaining assets will pass to her grandhchild. which best describes the valuation of the gift for gift tax purposes?

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