This year Dan transferred property worth $32,000 to a trust with the income to be paid to his 25-year old niece, Lissie. After the niece reaches age 32, the remainder interest is to be distributed to Dan's brother, Adam. The income interest is valued at $15,000 and the remainder interest is valued at $17,000. Assume that the annual gift exclusion for the current year is $14,000 and that Dan has not made any previous gifts during his lifetime. Which of the following statements is false?

The gift to Adam, net of the annual exclusion, is $3,000.

The gift to Adam is $17,000.

The gift to Lissie, net of the annual exclusion, is $1,000.

Dan can use part of the unified credit to offset the gift tax liability from these gifts.