Susan creates an irrevocable charitable remainder trust into which she transfers $1,000,000 of cash and retains a 20 year "income interest" in the trust valued at $500,000 with the remainder (i.e. $500,000) established on behalf of her local church. When is Susan able to take her $500,000 charitable deduction for the gift to the church? $500,000 deduction is taken at the end of the 20 year "income interest" period. $25,000 deduction can be taken during each year of a 20 year "income interest" period. $250,000 in the year the trust is funded and $250,000 deduction is taken at the end of 20 years $500,000 deduction is taken in the year the trust is funded (or in subsequent carry forward years in the event Susan does not have sufficient taxable income in the year the trust is funded against which to deduct the $500,000)