Which of the following property ownership types is NOT associated with gift splitting?

Gift splitting allows a married couple to combine their individual gift allowances for tax purposes, effectively enabling them to give a larger gift to a recipient without incurring gift tax. This concept is closely tied to how property ownership is structured.

Joint tenancy, tenancy by the entirety, and community property all reflect forms of property ownership that can facilitate gift splitting. They involve rights of survivorship and shared ownership aspects, which mean that both spouses have equal interests in the property. Consequently, when one spouse gives their share as a gift, gift splitting can apply to the entire value of that share.

On the other hand, tenancy in common does not inherently come with the same privileges regarding gift splitting because it allows for fractional ownership that can be transferred independently by each owner, without the need for the other owner's consent. This ownership type does not create the same joint interest as the others mentioned, making it less applicable to the concept of gift splitting.

Understanding the nuances of property ownership types aids in comprehending how they affect tax implications and the transfer of wealth between individuals.