Sam Cahill died this year. His revocable living trust provided that after his death, the trustee was given discretion to distribute trust income among his spouse, children, and grandchildren for their health, education, maintenance, and support. The corpus and any undistributed income are to be distributed in equal shares to his grandchildren when Sam's youngest child reaches age 45. Sam was survived by his spouse, three children, and eight grandchildren. Which of the following are CORRECT statements regarding the application of the generation-skipping transfer tax (GSTT) to this trust? 1. Sam's trust is an example of an indirect skip. II. If the trustee distributes any income to Sam's spouse, for GSTT purposes a taxable distribution will have occurred. III. No generation-skipping transfer from this trust can take place until the youngest of Sam's children reaches age 45. IV. When Sam's grandchildren receive the corpus and undistributed income, a taxable termination will occur