Which One of the Following Statements Is Not True Concerning

Which one of the following statements is not true concerning lifetime gifts?

A) A taxpayer may make a $6 million gift to a state university free of the gift tax.
B) The annual gift exclusion of $13,000 is allowed in 2012 even if the donor had made gifts in prior years to the same donee.
C) For purposes of computing a Federal gift tax liability, gifts are valued at the fair market value of the object given at the time of the gift.
D) The election to split gifts that is available to a married donor requires only the consent of the spouse owning the property transferred.
E) The marital and charitable deductions for Federal gift tax purposes are the same as for the Federal estate tax.