George is 67 years old and has a daughter, Molly, who is 29. In order to acquire some cash flow, George would like to sell some of his assets to Molly. But he does not want to incur a gift tax liability. His financial planner informed George that a self-cancelling installment note (SCIN) is a good planning strategy for many reasons. Which of the following statements regarding self-cancelling installment notes (SCINs) is/are correct? 1. To be effective, a SCIN must reflect a risk premium to compensate the seller for the possibility of cancellation. 2. A seller who accepts a SCIN may accept security without jeopardizing the installment sale treatment. 3. At the seller's death, the present value of any remaining SCIN balance is excluded from the seller's gross estate. 4. A SCIN is a debt that is ordinarily extinguished at the seller's death. Question 11 options: A) 1 only B) 3 only C) 1 and 3 only D) 1, 2, 3, and 4