On January 15th, Linus transfers property to a trust over which he retains a right to revoke one-fourth of the trust. The trust is to pay Patti 5% of the trust assets valued annually for her life with the remainder to be paid to a qualified charity. On September 1st, Linus dies and the trust becomes irrevocable. Which of the following statements is/are correct?
a. The trust is created January 15th.
b. The trust is created when it becomes irrevocable at September 1st.
c. Linus receives a charitable deduction equal to the present value of 25% of the remainder interest.
d. Linus receives a charitable deduction equal to the present value of 75% of the remainder interest.