Okay, I see what you are saying.  You are saying in (e)(2) the credit "with respect to a joint return" is only the $1200, rather than the entire credit (with kids) as I had originally interpreted it.  Hmmm.  

I completely agree that your method/reasoning is the logical, reasonable way.  But it's not exactly very clear wording in the Code, is it?

And as of now, the Draft Instructions seem to phrase it closer to my original interpretation, without comments about the kids:

• If your EIP 1 or EIP 2 was based
on a joint return, you and your spouse
are each treated as having received half
the payment that was issued.

As a side note, the worksheet in the Draft Instructions indicate the taxpayer can look up the amounts online:

https://www.irs.gov/payments/view-your-tax-account