Mr. Smith has three children Larry, Curley and Moe who are ages 12, 15 and 18, respectively. Mr. Jones gifted each of his boys a $10,000 GIC, each gift earns interest of $470 on an annual basis. In light of these gifts to the boys which of the following statements is correct?

1)	Larry and Curley's interest must be attributed back to Mr. Jones.

2)	Income earned by all three boys will be attributed back to Mr. Jones

3)	All three boys must report the interest on their personal tax return.

4)	Only the interest earned by the two eldest Curley and Moe will be attributed to Mr. Jones

5)	There is no income attribution for anyone.