As shown in the accompanying paper, μ chains of the membrane-bound ( μ m) and secreted ( μ s) forms of IgM are encoded by two species of mRNA. Cloned cDNAs produced from the two μ mRNAs of M104E mouse myeloma tumors differ only at their 3′ ends, which encode either the μ m or μ s C terminus. In this paper, we show that both μ m and μ s mRNAs are produced from transcripts of a single μ gene. The last 187 nucleotides of μ s mRNA are derived from DNA contiguous with the 3′ end of the sequence encoding the C μ4 domain. The μ m cDNA clone does not include these 187 nucleotides, but instead contains 392 nucleotides derived from two exons located 1850 bp 3′ to the C μ4 sequence. Comparison of genomic and cDNA sequences show that in μ m mRNA, an RNA splice of 1850 nucleotides joins a site in the coding sequence at the end of C μ4 with a site at the beginning of the first membrane-specific exon. A second RNA splice of 118 nucleotides joins sequences transcribed from the first and second membrane-specific exons. The differences observed between μ m and μ s cDNAs suggest that developmental control of the site at which poly(A) is added to transcripts of the μ gene determines the relative levels of μ m or μ s chain synthesis. We discuss possible models for the control of μ gene transcripts and the significance of this form of developmentally regulated RNA processing for the evolution of eucaryotic “split genes.”