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(1) title to the portion of the trust will revest in the applicant upon the exercise of a power by:
(a) the claimant as grantor of the trust;
(b) a nonadverse party; or
(c) both the claimant and a nonadverse party;
(2) title will revest as described in Subsection (1), regardless of whether the power described in Subsection (1) is a power to revoke, terminate, alter, amend, or appoint;
(3) the applicant is obligated to pay the taxes on that portion of the trust property beginning January 1 of the year the claimant claims the deferral or abatement; and
(4) the claimant satisfies the requirements described in this part for deferral or abatement.