Which of the following correctly completes the sentence?

For $2023,$ federal gift tax is generally paid:

On taxable gifts made after the taxpayer has used up their entire gift tax lifetime exclusion amount.

By the donor of all gifts of $$17,000$ or more to a single recipient.

Based on the value of all gifts that must be reported on Form $709,$ United States Gift $($and Generation$-$Skipping transfer$)$ Tax Return.

By the recipient of any taxable gift.