Which of the following statements is $($are$)$ correct?

I. Administration expenses include appraisal and valuation fees necessary to

determine the value of assets included in the gross estate for estate tax purposes.

II$.$ Liabilities imposed by law arising out of torts are deductible from the gross

estate.

III. The lifetime applicable estate tax credit amount excludes up to $$5,113,800($for

of cumulative taxable transfers.

IV$.$ An extension of time to pay tax at the request of the executor may be granted for

a reasonable period of time, not to exceed $24$ months.

I, II$,$ and III only

I and II only

I, III, and IV only

II and III only