Victor transferred $4,375,000 to a GRAT naming his four children as the remainder beneficiaries while retaining an annuity valued at $400,000. If this is the only transfer Victor made during the year, what is Victor's total taxable gift for the year? Question 7 options: A) $400,000 B) $3,975,000. C) $4,375,000. D) $4,775,000