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Use IRC codes for your answer to communicate the gift tax liability for Brad and Angelina. Brad and Angelina are a wealthy couple who have
Use IRC codes for your answer to communicate the gift tax liability for Brad and Angelina.
Brad and Angelina are a wealthy couple who have three children, Fred,
Bridget, and Lisa. Two of the three children, Fred and Bridget, are from
Brad's previous marriages. On Christmas this year Brad gave each of the
three children a cash gift of $ and Angelina gave Lisa an additional
cash gift of $ Brad also gave stock worth $adjusted basis of
$ to the Actor's Guild an charity
Brad and Angelina have chosen to split gifts. Calculate Brad's gift
tax. Assume that Angelina has no previous taxable gifts, but Brad reported
previous taxable gifts of $ million in when he used $ of
applicable credit and paid $ of gift taxes.
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