A husband wants his wife to have a $1,000 bond that he owns paying interest at 7%. What are the consequences to the couple during the year if he gives the bond to her without receiving any financial consideration from her in return?

a) She is legally entitled to receive the bond and the interest on the bond

b) The Act would attribute the income on the bond to him

c) (a) and (b) are both correct

(d) Neither (a) or (b) is correct