Julie recently hit it big at the casino. Because of her good fortune, Julie would like to begin a gifting program in which she will give her family and friends yearly gifts equal to the annual exclusion. She would like to learn more about the gift tax system and how gifts are valued. All of the following statements regarding the valuation of a gift are true, except: A. Publicly traded securities are valued at the closing market price for the day of the gift B. Real estate is generally valued utilizing an appraisal C. The value of a bond is the present value of the expected future payments D. Certain valuation discounts may be available due to lack of marketability, lack of liquidity, and lack of control