Wilma Reader wants to help her niece, Anne, by giving her a gift of land valued at $50,000. However, Wilma has been so generous to other friends and relatives that she has completely used up her gift tax applicable credit amount. Therefore, Wilma would like to make the gift to Anne a "net gift" by having Anne agree to pay the gift tax. Which of the following statements is CORRECT about the general income, gift, or estate tax implications of a net gift? 

If the gift tax paid exceeds Wilma's adjusted basis in the land, Wilma will have reportable gain. 

Any gift tax paid by Anne can be taken as a credit against Wilma's eventual estate tax. 

In computing the gift tax, Anne can use her applicable credit amount. 

In figuring Wilma's estate tax, her executor will have to include $50,000 minus the maximum annual exclusion as an adjusted taxable gift because of this transaction. 

A) III and IV 

B) II only 

C) I and III 

D) I and II