Hu Makes a Gift of His Home to a Local

Hu makes a gift of his home to a local homeless shelter (a 501(c) (3) charity) . Hu 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 is correct?

A) Hu has a charitable contribution deduction of $120,000 on his current gift tax return.
B) Hu is not allowed to deduct the contribution until the charity takes possession in 10 years.
C) Hu is allowed a charitable deduction on his gift tax return for $150,000 in the current year.
D) Hu is allowed an exclusion of $15,000 on his gift of $120,000 to the charity.