In 2016 when William was 60 years old, he created a grantor retained income trust (GRIT), funding it with $500,000 in publicly traded common stock. By the ...... of the trust William kept the income for the lesser of 10 years of his life. If William dies before the end of the period the trust termination and reverts to Williams estate. If William survives the period the trust termination and is distributed outright to Williams son, Jacob.
What is the gift tax implication of this transaction?
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