In contrast to the charitable remainder trust, the charitable lead trust receives an income interest from the donor instead of a remainder interest. Which of the following statements concerning the advantages of the charitable lead trust created for a period of ten years or less is (are) correct?

I It provides a large current deduction that will be advantageous to the taxpayer who has an unusually high-income year.

II It provides for reversion of the principal to the taxpayer or other designated beneficiary.

III It provides for a substantial reduction in income taxes for the taxpayer by shifting the tax liability to the trust.

A. I only

B. II only

C. III only

D. I and II only

Provide a detailed explanation. This is estate planning.