Brad and angelina are a wealthy couply who have three

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Brad and Angelina are a wealthy couply who have three children, Fred, Bridget, and Lisa. Two of the three children, Fred and Bridget, are from Brad's previous marriages. On Christmas last year, Brad gave each of the three children a cash gift of $10,000, and Angelina gave Lisa an additional cash gift of $40,000. Brad also gave stock worth $40,000 to the Actor's Guild.

a. Brad and Angelina have chosent to split gifts. Calculate Brad's gift tax. Assume that Angelina has no previous taxable gifts, but Brad reported previous taxable gifts of $2 million in 2009 when he used $345,800 of unified credt and paid $435,000 of gift taxes.

b. Fill out parts 1 and 4 of Form 709 for Brad.

Reference no: EM13571909

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