Except for the 1%, filing gift tax returns is an anachronism.  And really, for only 10% of those.  The capital gain is not going to be "related" to the unfiled gift report, and an IRS examiner is not going to spend two minutes picking up a zero-tax return.  

I never advise clients not to file a 709.  I just tell them "nothing" if they ask me what happens if they don't do that.  It's like the debate over how many angels can dance on the head of a pin, or where to send a 3115.