Short answers, pulled from the story.
The treaty was signed on the 10th of February 1947 and came into general effect on the 15th of September 1947. It formally ended World War II hostilities between Italy and the Allied Powers.
Italy transferred the Adriatic islands of Cres, Lošinj, Lastovo, and Palagruža, along with Istria south of the Mirna river, Zadar, Rijeka, and the Julian March to Yugoslavia. The Italian Islands of the Aegean went to Greece, Briga and Tenda went to France, and the island of Sazan went to Albania. Italy also renounced all colonial claims, including Libya, Eritrea, and Somaliland.
Article 74 of the treaty obliged Italy to pay reparations to Yugoslavia, Greece, the Soviet Union, Ethiopia, and Albania. Payments were to be made in goods and services over a seven-year period, with amounts calculated against the US dollar at its gold parity of 35 dollars per ounce as of the 1st of July 1946.
Italy was capped at 250,000 army and Carabinieri personnel combined, 25,000 naval personnel, and 25,000 air force personnel. The army could hold no more than 200 tanks, and the air force was barred from bomber aircraft. Italy was also banned from possessing atomic weapons, guided missiles, and submarines, and was ordered to scuttle its existing submarine fleet. Most restrictions were lifted when Italy joined NATO in 1949.
The Free Territory of Trieste was an independent state established by the treaty to resolve competing Italian and Yugoslav claims to the city. Its administration was transferred to Italy in 1954 under the Memorandum of Understanding of London, and the final settlement was formalised by the Treaty of Osimo in 1975.
Article 14 of the treaty transferred the Aegean islands to Greece with a permanent demilitarisation requirement. Turkey is recognised as the intended third-party beneficiary of that clause under article 36(2) of the Vienna Convention on the Law of Treaties, because Turkey had demanded demilitarisation of those islands at the 1923 Lausanne peace talks.