Grandson is accepted into the same M$.$Tax program and asks Grandfather for assistance. Grandfather agrees to give Grandson $$50,000$ in the form of a loan with no interest.

Which of the following is true:

a$.$ The loan is not considered a gift under the statute because it is for educational purposes.

b$.$ The value of the gift is $$50,000$ minus the annual exclusion.

c$.$ Because it is a loan, the value of the gift is not the $$50,000$ itself, but the imputed interest using the Section $7520$ interest rate.