Jack transfers property worth $$250,000$ to a revocable trust on January $1.$ Two$-$and$-$a$-$half years later, when the property is worth $$300,000,$ the trust becomes irrevocable. Which of the following statements is$$correct$?$

Question $33$ options:

Jack may elect which amount to report as a gift.

A $$250,000$ gift occurs when the trust became irrevocable.

A $$300,000$ gift occurs when the trust became irrevocable.

A $$250,000$ gift occurs when the original transfer was made.