Question 8 4 pts Chao makes a gift of his home to a local homeless shelter (a 501(c)(3) charity). Chao will retain his home for 10 years, after which the homeless shelter will take possession. The value of Hu's 10-year interest is $30,000 and the remainder interest is valued at $120,000. Which of the following statements regarding gift taxes is correct? O O O Chao is allowed a charitable deduction on his gift tax return for $150,000 in the current year. Chao is allowed an annual exclusion for its remainder gift to the charity in the current year. Chao is not allowed to take a charitable contribution deduction until the charity takes possession in 10 years. O Chao has a charitable contribution deduction of $120,000 on his current gift tax return