In 2015, James gave his son John a $5,000,000 term life insurance policy taken on James' life. At the time of the gift, James was in good health, and the value of the term insurance policy for gift tax purposes was less than the $14,000 annual exclusion amount. However, James died in the year 2017. Which of the following statements is true? a. James will get an annual exclusion of $50,000 i.e. 1 percent of the gift amount in 2017. b. James is eligible for a unified tax credit of $500,000, i.e. 10 percent of the gift amount, in 2017 as he outlived the transfer by more than one year. c. In 2017, the $5,000,000 gift is included in the gross estate of James, for the estate tax purpose. d. James cannot avail the charitable deduction in 2017, as he did not outlive the transfer by more than one year. e. In 2017, the $5,000,000 payout is not included in the gross estate of James for the estate tax purpose, as he had outlived the transfer by more than one year