William acquires a $100,000 term life policy on his own life and then immediately assigns the policy to a registered charity. William plans on continuing to pay the $1,500 annual premium and is not planning to make any other charitable contributions in those years. William has annual net income of $85,000. Which of the following statements about the tax implications of William's assignment of his policy to the charity is CORRECT?

a)		William will be eligible for a charitable donations tax credit of $63,750 in the year the policy is assigned.
b)		William will be eligible for a charitable donations tax credit of $1,125 for each of William’s annual premium payments.
c)		William will have a taxable capital gain of $50,000 to report in the year the policy is assigned to the charity.
d)		William will not be eligible for a charitable donations tax credit on the assignment of his policy to the charity