Q$24$ Which of these statements, with respect to making a Section $83($b$)$ election on restricted stock, is CORRECT?

I. An employee who receives restricted stock may elect under Section $83($b$)$ to recognize the income immediately rather than wait until the substantial risk of forfeiture expires.

II$.$ The Section $83($b$)$ election must be made within one year of receiving the restricted stock.

III. If the election is made, the employee immediately includes as long$-$term capital gain the fair market value of the stock at time of receipt, less any amount paid for the stock.

IV$.$ If the employee makes the election and then forfeits the stock, the employee is not allowed a deduction or refund of tax on previously reported income.

a$.$ II$,$ III, and IV$.$

b$.$ I and IV$.$

c$.$ I, III, and IV$.$

d$.$ I only.