Which of the following is true concerning the $5/5$ Lapse Rule?

The $5/5$ Lapse Rule only comes into play with a single beneficiary trust.

Amounts that lapse under the $5/5$ Lapse Rule qualify for the annual exclusion.

Gifts under the $5/5$ Lapse Rule do not have to be disclosed on a gift tax return.

The $5/5$ Lapse Rule deems that a taxable gift has been made where a power to withdraw in excess of $$5,000$ or five percent of the trust assets is lapsed by the powerholder.