what are the gift tax consequences of an irrevocable transfer of 10 million in trust to grantor's son for life? with all income payable to son, then remainder to charity? Grantor makes no other transfers that year. a. gift of 10 million, less one $13,000 annual exclusion; deduction for present value of remainder interest to charity as calculated using IRS tables b. Gift of 10 million, less one $13,000 annual exclusion; no deduction for remainder interest c. Gift to son of present value of income interest; no exclusion d. Gift of 10 million, no annual exclusion; deduction for present value of remainder interest to charity as calculated using IRS tables