Gift Tax Question

[Questionguy101]

A married couple gifted a property to their son. They are in a community property state and so they owned the property half and half.

Supposed the value of the property was $500,000 on the date of the gift, do each of them file their own gift tax return and report $250,000 of gift to their son?

Also, I still do not fully understand the 'gift-splitting' rule. So if the property was worth $500,000 and each of the married couple files a $250,000 gift tax return, does it mean they have elected the gift-splitting already? I do not believe so because I do not think that's what gift-splitting means. Am I correct?

Thanks.

[Bees Knees]

The answer is found on page 21-27 in TheTaxBook:

Gift Splitting
Married couples cannot file joint gift tax returns. Each spouse
must file a return if he or she meets the requirements.
Spouses can elect to split gifts if both spouses agree. If the election
is made, all gifts made during the year by either spouse to
third parties are considered made one half by each spouse. Liability
for gift tax of both spouses is joint and several.
Joint gifts. Gift splitting is not needed if spouses make gifts of
assets they hold as joint tenants, tenants by the entirety, or as
community property. Gifts of these assets are considered to be
made one-half by each spouse. Spouses elect gift splitting when
a gift was made of an asset owned by only one spouse or from
funds belonging to one spouse.