George loans his $30-$year$-$old daughter $$300,000$ to start a business. Although they have no written agreement, George requires that she repay him over a $10$ year period in the amount of $$30,000$ a year.

George has made a gift of the interest element of the loan.

George will be entitled to an annual exclusion to reduce the amount of interest that is taxable as a gift.

George must report as gross income on his individual income tax return interest he did ot charge on the loan.

George's daughter will be entitled to a business deduction for the interest George did not charge on the loan.

All of the above are accurate statements about gift loans.