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Assume for this question that the Borellis live in a common law state and the...

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Accounting

Assume for this question that the Borellis live in a common law state and the ranch is titled in Louie's name. Louie is considering placing the ranch in a QPRT naming his three children as the remainder beneficiaries. The value of his retained interest is estimated at $721,000. What would be Louies total taxable gift for this transfer? $577,000 $679,000 $721,000 $1,400,000

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