Which of the following characteristics of the unified tax system are common to both testamentary transfers and lifetime gifts?

They both use a progressive rate structure.

They both cumulate current taxable transfers with prior taxable transfers to determine the rate at which to tax current taxable transfers.

They both allow the annual exclusion for present interest transfers.

They both allow a deduction for any state taxes that are due on the same transfer.

I and II only

II and III only

I, III, and IV only

II, III, and IV only