Transfer between spouses

Hi All,

I have a question, Transfer between spouses are at no gain no loss.

So what happens if a wife has say a gain and the husband has a loss on his assets. He decides to transfer the loss making assets to his wife. She sells and isn’t taxed as the loss transferred to her from the husband was at no gain/no loss and she used the loss to offset her gain?

Is this possible? if not why not,

Thanks gyuys