In 2015, Henry and his wife, Wendy, made the gifts shown below. All gifts are of present interests. What is Wendy’s gift tax payable for 2015 if the couple elects gift splitting and Wendy’s previous taxable gifts (made in 1995) total $1 million?
Wendy’s current gifts were
To Janet …………………………… $80,000
To Cindy …………………………… 70,000
To Henry……………………………. 50,000
Henry’s current gifts were
To Janet …………………………… 30,000