(Mishnah - R. Eliezer): If Yom Tov is right before or after Shabbos, one can stipulate to make one Eruv for the first day in the east, and for the second day in the west, or for the first day in the west, and for the second day in the east.

He can say "my Eruv is for the first day, and the second day I am like residents of my city [without an Eruv], or it is for the second day, and the first day I am like Bnei Iri.

Chachamim say, he is Me'arev in one direction, or not at all. He is Me'arev for both days, or not at all;

How can one be Me'arev [for both days without risking that the Eruv will get lost?] He takes the Eruv [to the desired place of Shevisah] on Erev Yom Tov, remains there until nightfall, and then takes it home with him. (If our Mishnah is like the Halachah, that anyone can be Me'arev without food through being at the desired place of Shevisah at nightfall, it must discuss a Shali'ach);

The next day he takes it back, and remains there until nightfall. He may eat it and return. He earns permission to walk [further in that direction], and also gets to eat his Eruv.

If the Eruv was eaten on the first day, it is an Eruv only for the first day. It is not an Eruv for the second.

R. Eliezer (to Chachamim): This shows that you admit to me that the Kedushah of each day is separate! (Therefore you should also permit a different Eruv for each day.)

(Gemara - Mishnah - Chachamim): He is Me'arev in one direction.

Our Mishnah means that he is Me'arev in one direction for both days, or not at all.

R. Eliezer agrees that one cannot be Me'arev for half the day in the south and half the day in the north, or half the day in the south and half the day like Bnei Iri.

Chachamim [to R. Eliezer]: Just like you did not divide for us one day, do not divide for us two days!

They agree that one may not put [the Eruv] in a basket [with other loaves].

(R. Ba): This is lest he come to eat it [on Yom Tov Rishon, and it will not permit Yom Tov Sheni].

If he put it in a basket, he takes [the basket] to [where he wants to place his Eruv].

If he ate one of [the loaves in the basket] during the day (Erev Shabbos, perhaps it was the Eruv, so) he is in Chamar Gamal. (We explained this like PNEI MEIR.)

(Mishnah): A flask that is a Tevul Yom (it was immersed today. It is Tahor for Chulin and Ma'aser, but it disqualifies Terumah and Kodshim), and he filled it from a barrel of Ma'aser [Rishon] Tevel (Terumas Ma'aser was not separated from it), if he said "this is Terumas Ma'aser after dark'', it is Terumas Ma'aser. If he said "this is an Eruv'', it has no effect (for even a Kohen may not eat it during the day).

Question (R. Yonah citing R. Chama bar Akiva): The Mishnah is unlike R. Eliezer, for R. Eliezer says that we may be Me'arev for someone after dark! (He permits to be Me'arev for the second day in another direction. We must say that that Eruv takes effect after dark, for during the day he may not go there!)

Answer (R. Yirmeyah citing R. Ze'ira): It is like everyone. There, he is Me'arev for one day [R. Eliezer agrees that the Eruv acquires Bein ha'Shemashos]. However, here, b'Chol (before the first day of Yom Tov or Shabbos) he acquires Shevisah for two days.

Question (R. Chagai): If on Thursday one said "I acquire Shevisah for Shabbos'' - [do we say that] according to R. Eliezer [who says that on Erev Yom Tov or Erev Shabbos, one can acquire Shevisah for the second day, i.e. two days later], he acquires, and according to Rabanan, he did not acquire?

Answer (R. Yosah): Why are we not Me'arev on Erev Yom Tov for Shabbos? It is because we are not Me'arev for a person on [this] Erev Shabbos [which is Yom Tov] for Shabbos! However, here (when Friday is not Yom Tov), since it is proper to be Me'arev on Erev Shabbos for Shabbos, one may be Me'arev even on Thursday for Shabbos [even according to Chachamim. We explained this like RASHBA 38a.]

R. Eliezer (to Chachamim): Do you not agree to me that if he was Me'arev with a loaf on the first [day], he is Me'arev with the loaf on the second. If it was eaten on the first, it is an Eruv for the first, and it is not an Eruv for the second. This shows that they are two Kedushos!

And they challenge him, do you not agree to us that we are not Me'arev initially for a person on Yom Tov? This shows that they are one Kedushah!