Minnie has made a gift of all her common stock in a closely held corporation to her son and daughter. The gifted shares constitute 20% of the issued and outstanding common stock of the corporation. Minnie will retain 30% of the preferred shares of the corporation, which will pay her a fixed, cumulative annual dividend. Which of the following would be relevant in arriving at the value of the gifted shares for gift tax purposes?

I. The fair market value (FMV) of Minnie's interest in the corporation prior to the gift

II. The FMV of Maxine's preferred shares in the corporation at the time of the gift

III. A lack of marketability discount

IV.A blockage discount

V. A minority interest discount

A) I and III B) II, IV, and V C) I, II, III, and V D) I, II, III, IV, and V