Arthur transfers property valued at $250,000 to a charitable organization in return for a single life annuity based on his life value at $130,000. Arthur's adjusted basis in the transferred property was $95,000. Arthur died two years after the transaction and at the time of his death, the property had a fair market value of $325,000. At the time of the initial transfer, what was Arthur's charitable income tax deduction (ignoring any AGI limitations)?

1. $75,000
2. $120,000
3. $155,000
4. $250,000