IRS Form 3520 Question (gift from foreign person)

[4runner818]

Hello all,

In 2020, my father in law (a "nonresident alien") gifted my wife and I money which now requires form 3520 to be filed with the IRS. After reading the instructions, I am a little unsure of how to report this, and was curious if any one could be of assistance. 

Let's say the amount received was $300,000. Initially, after looking through the form, I thought I could submit one 3520 form and mark the box 1i "Check the box if you are married and filing a joint 2020 income tax return, and you are filing a joint Form 3520 with your spouse" However - in the 3520 instructions, for Joint Returns,  it states "If you and your spouse are filing a joint income tax return for tax year 2020, and you are both transferors, grantors, or beneficiaries of the same foreign trust, then you may file a joint Form 3520. If you and your spouse are filing a joint Form 3520, check the box on line 1i on page 1."

Since we did NOT receive this money from a foreign trust (it's from my FIL directly), now I am thinking we shouldn't check this box. Is this correct? And if so, does this mean my wife and I should instead file 2 separate from 3520's, with each one stating a gift of $150,000 (half of the $300,000 gift). 

Thank you