Hugh Hefty gave a $100,000 whole life insurance policy to a qualified charity in his community. Which of the following statements concerning this gift of life insurance to a charity is (are) correct?

I If the life policy is given two years before Hughs death, the policy proceeds will not be includible in Hughs gross estate.

II The gift is deductible against Heftys current income in the year the policy is given to the charity.

Group of answer choices

I only

II only

Both I and II