Is this still alive/saveable?
I have a magnolia that I bought and planted going on two years ago. I planted it the first year and didn't seem to do well (not enough water, I believe). I moved it to the current location, and it did not do any better. No leaves, flowers, etc. this spring. I went to dig it out this morning and notice two shoots coming from the base of the trunk. Should I keep it? Is this saveable? Cut off the dead branches and let these new ones form? Where would you cut the dead branches?
Certainly it appears that the roots are still alive.
You can prune the tree down and wait it out, if you have the patience.
I would not prune as it can leave the tree open to disease and pests.