Which of the following are characteristics of a private annuity?

Title to the property is conveyed to the individual responsible for making annuity payments at the time the transaction is created.

It involves a set number of installment payments.

The seller can report gain on the installment basis.

Each payment received by the annuitant is divided into interest income and a nontaxable recovery of basis.

I and II only

I and IV only

II and III only

III and IV only