Gay who had previously used up both his estate exemption and his generation skipping transfer tax exemption recently made a $$5$ million gift $($after the annual exclusion$)$ to his great grandson, Harry. Which is true?

$1.$ Gay owes $$2$ million in generation skipping transfer tax.

$2.$ Gay owes $$2$ million in gift tax.

$3.$ Gay owes $$2\mathrm{.}8$ million in gift tax.

$4.$ Harry owes $$2$ million in generation skipping transfer tax.

Group of answer choices

$2$ and $4$ only

$1$ and $3$ only

$1$ and $2$ only

$3$ and $4$ only