Use the information shown below to prepare a 2017 gift tax return (form 709) for Joel Bruton. Pages 4 and 5 of the form are not applicable. Joel and his wife Janis, both U.S. citizens, want to elect gift splitting. They reside at 117 Panther Place, South City, NC 28000. Joel had not been married prior to his marriage to Janis in 1966. For simplicity, assume that the Sec. 7520 rate is 4%. Joels transactions, all in July, are as shown below.

Value on Date of Gift Adj. Basis

1. Stock given to daughter Belinda $ 78,000 $ 60,000
2. Apartment building & land given to daughter Belinda 2,476,000 1,900,000
3. Tuition to university, paid for grandson Jacob 24,000
4. Pottery collection given to Atlanta Art Museum 120,000 100,000
5. Stocks given to trust for benefit of wife Janis (age 67) for life with remainder to Belinda. All of the income is to be distributed quarterly to Janis 3,000,000 2,430,000

During the year Janis gave $40,000 cash to Belinda and $200,000 of stock to her sister Jeanette Johnson. Janis had a $120,000 adjusted basis in the stock. Joel made a $1 million taxable gift in 2000. It was the first and only earlier gift.