Which of the following is (are) among the exceptions to the general rule that property given within three years of death is excluded from the donor’s gross estate for federal estate tax purposes?
I Life insurance
II Gift taxes paid on the value of a gift
III Farm land gifted to a son or daughter
A. I only
B. I and II only
C. II and III only
D. I, II and III
Provide a detailed explanation. This is estate planning.