Mario Bonanno is contemplating taking the following actions this year: giving $3,000 to his niece for college tuition putting his brother's name jointly with his own on a $28,000 bank account giving $15,000 to his wife cancelling a $21,000 debt owed to him by his son His wife, Pauline, wants to give $16,000 in stock outright to her mother. Which of the following are correct statements about the Bonannos' anticipated actions? I. The gift by Mario to his niece does not meet the definition of a transfer that is subject to the federal gift tax. II. Even if she does not consent to split gifts made by Mario, Pauline can split the gift to her mother with Mario III. Placing his brother's name on his bank account will not cause a taxable gift for the current calendar yean IV. Mario will receive an annual gift tax exclusion for all of the transfers he is planning to make except for the V. Cancelling the debt owed to him by his son will cause a taxable gift for the current calendar year. if he consents. unless his brother withdraws funds. transfers to his brother and his wife. II only III only I and IV only III and V only I, II, and V only