Which of the following is not true with respect to gift-splitting?

1. Gift-splitting reduces the amount of the taxable gift attributed to each spouse.
2. Once a gift is split, all gifts made in the same calendar year must be split.
3. A gift made to a spouse is eligible to be split.
4. Gift-splitting cuts the value of a gift in half by treating the gift as if it was made one-half by each spouse.