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Not sure what the tree is, but the second picture is of a magnolia fruiting structure, not a bulb. I don't know much about planting magnolias from seed, but I do know that quite a few of the garden magnolias are hybrids, so the seeds might not be viable, and if they are viable, you will likely get something noticeably different from the parent tree.
Magnolias generally get large (60 to 80 feet), unless yours happens to be a smaller variety (~25 feet).
Also, magnolias don't like to be pruned - mature trees may not recover from the wound.
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