Gift Tax return needed?

[Acownt4it]

A mom puts $15,000 into an American Funds VCSP/CollegeAmerica fund for 8 year old daughter. The account name on the year end statement is:
MOM name owner
FBO Child name

Do I need to file a 2006 Form 709 $12000 and one next year for $3000?

[JCH]

A mom puts $15,000 into an American Funds VCSP/CollegeAmerica fund for 8 year old daughter. The account name on the year end statement is:
MOM name owner
FBO Child name

Do I need to file a 2006 Form 709 $12000 and one next year for $3000?

See page 2 of Form 709, Schedule A, Line B and the Form instructions.