Which of the following statements regarding estate and gift taxes is correct?

A$.$ Gift taxes and estate taxes are two separate and distinct tax systems.

B$.$ The applicable credit amount has remained relatively stable over the years except for inflation adjustments.

C$.$ The annual exclusion amount applies to both lifetime gifts and bequests upon death.

D$.$ There have been substantial changes in gift and estate taxes in the past, and this may also be the case in the future.

Which of the following is NOT correct regarding family limited partnerships $($FLP$)?$

A$.$ The annual exclusion amount can be used for shares that are gifted each year.

B$.$ A minority discount can be applied to reduce the gift value of shares.

C$.$ For the owner$($s$)$ to maintain control they must continue to hold more than $50\%$ of all partnership shares.

D$.$ A marketability discount can be applied to reduce the gift value of shares.