Which of the following statements are correct regarding the inclusion of a Crummey power in an ILIT?

it makes the ILIT a grantor trust

it limits the available annual exclusion to the lesser of the Crummey power or the maximum allowable annual exclusion

the grantor of the trust has made a gift of the fair market value of the Crummey power

the Crummey power is a type of general power of appointment

II only

IV only

I and III only

II and IV only