Which of the following is true? (Assume the trust in question has an inclusion ratio of 1)

I. A payment from a trust to a skip-person or skip-beneficiary is a taxable distribution.

II. The beneficiary, rather than the donor, is ultimately responsible for paying the GST tax on a taxable distribution.

III. A taxable termination is the passing of all interests in a trust to skip-persons.

1. I only
2. II Only
3. III Only
4. I and II Only
5. I, II, and III