Before His Nephew (Dean)leaves for College,Will Loans Him $400,000

Before his nephew (Dean) leaves for college,Will loans him $400,000.Dean signs a note promising to repay the loan in five years.No interest element is provided.Which,if any,of the following is not a tax consequence of this arrangement?

A) Will has made a gift to Dean of the interest element.
B) Will has an interest expense deduction as to the interest element.
C) Will has interest income as to the interest element.
D) Dean may be allowed an income tax deduction as to the interest element.
E) None of the above.