Which of the following statements concerning the generation-skipping transfer tax (GSTT) is (are) correct?
I. The rate of the GSTT is equal to the estate tax bracket of the transferor.
II. The tax applies to both inter vivos and at-death transfers.
(A) I only.
(B) II only.
(C) Both I and II.
(D) Neither I nor II.
Provide a detailed explanation for your answer. Only answer if you have a strong estate planning background.