John has transferred a policy on his life to his son, Eric. Which of the following statements is true ?

	A.	Since Eric is his son, the policy is deemed to be transferred for its cash surrender value of $43,000 and John will have an income gain of $43,000 less his ACB
	B.	Since Eric is his son, the policy is deemed to be transferred at zero and John can deduct a loss equal to his ACB
	C.	Since Eric is his son, the policy is deemed to be transferred at zero, but John cannot deduct the loss of $43,000
	D.	Since Eric is his son, the policy is deemed to be transferred on a rollover basis for an amount equal to his ACB, so there is no income gain by John.