Gift-Splitting by Married Couples Law and Legal Definition

According to 26 USCS § 2652 [Title 26. Internal Revenue Code; Subtitle B. Estate And Gift Taxes; Chapter 13. Tax On Generation-Skipping Transfers; Subchapter F. Other Definitions And Special Rules], the term "Gift-splitting by married couples" means, "under section 2513 [26 USCS § 2513], one-half of a gift is treated as made by an individual and one-half of such gift is treated as made by the spouse of such individual, such gift shall be so treated for purposes of this chapter [26 USCS §§ 2601 et seq.]."