Which statement$($s$)$ is$/$are true for generation$-$skipping transfer tax $($GSTT$)?$

I. Applies to transfers to persons who are two generations or more lower than the transferor.

II$.$ There are no exceptions.

III. There is a $$12,060,000$ lifetime exemption in $2022$ for GSTT$.$

IV$.$ Transfers qualifying for gift tax annual exclusion generally are also excluded from GSTT$.$

Choose the answer$($s$)$ which is$/$are most correct:

Group of answer choices

$4$ only.

$1$ and $4.$

$2$ and $3.$

$1,3$ and $4.$