PUBLIC LAWS-CH. 168 -APR 2, 1948 Infra. 53 Stat. 149. 26 U.S. C. 1012 (a). Supra. individual shall be considered as the spouse of another indi- vidual only if he is married to such individual at the time of the gift and does not remarry during the remainder of the calendar year. "(B) Consent of Both Spouses.-Subparagraph (A) shall be applicable only if both spouses have signified (in accord- ance with the regulations provided for in paragraph (2)) their consent to the application of subparagraph (A) in the case of all such gifts made during the calendar year by either while married to the other. ' (2) MANNER AND TIME OF SIGNIFYING CONSENT.- "(A) Manner. -A consent under this subsection shall be signified in such manner as is provided under regulations prescribed by the Commissioner with the approval of the Secretary. " (B) Time. - Such consent may be so signified at any time after the close of the calendar year in which the gift was made, subject to the following limitations- "(i) the consent may not be signified after the 15th day of March following the close of such year, unless before such 15th day no return has been filed for such year by either spouse, in which case the consent may not be signified after a return for such year is filed by either spouse; "(ii) the consent may not be signified after a notice of deficiency with respect to the tax for such year has been sent to either spouse in accordance with section 1012 (a). "(3) REVOCATION or CONSENT. -Revocation of a consent previ- ously signified shall be made in such manner as is provided under regulations prescribed by the Commissioner with the approval of the Secretary, but the right to revoke a consent previously signified with respect to a calendar year- "(A) shall not exist after the 15th day of March following the close of such year if the consent was signified on or before such 15th day; and "(B) shall not exist if the consent was not signified until after such 15th day. "(4) JOINT AND SEVERAL LIABILITY FOR TAX.-If the consent required by paragraph (1) (B) is signified with respect to a gift made in any calendar year the liability with respect to the entire tax imposed by this chapter of each spouse for such year shall be joint and several." TITLE IV-ADJUSTED GROSS INCOME OF LESS THAN $5,000 SEC. 401. INDIVIDUALS WITH ADJUSTED GROSS INCOMES OF LESS THAN $5,000. 55Stats. 1 (a) IN GENERAL.- Section 400 of the Internal Revenue Code (relating to optional tax on individuals with adjusted gross incomes of less than $5,000) is hereby amended to read as follows: 53 Stat. 5. 26 U.S.(. I. 1,12. Aat, pp. 111, 114 . "SEC. 400. IMPOSITION OF TAX. "In lieu of the taxes imposed by sections 11 and 12, there shall be levied, collected, and paid for each taxable year upon the net income of each individual whose adjusted gross income for such year is less 128 [62 STAT.
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