Husband took out an insurance policy on his life, payable to child. Husband and wife lived in a community property state and the premiums on the policy were paid with community property funds. Upon Husband's death, what are the tax consequences? Explain?

A. One half of the insurance proceeds are includible in husband's estate. B. Wife makes a gift of one half of the policy proceeds to child C. If wife dies within 3 years of husban's death, any gift tax paid resulting from her gift of one half of the policy proceeds to child will be includible in her gros estate under IRC section 2035(b) D. All of the above are true.