A hand-held and operated device for splitting rehabilitative elastic tape into segments and rounding corners of the rehabilitative elastic tape segments and method of use is disclosed. The device comprises a feed roll of rehabilitative elastic tape, and a housing. The housing is comprised of a vertical cutting mechanism and a cutting die punch mechanism operably coupled in tandem. There are a plurality of actuator buttons operably coupled to and aligned with the blades for setting the blades to either a cutting position or a non-cutting position. The cutting die punch mechanism is comprised of a pair of mating tools, a die punch and a cutting die. The die punch is adapted to be moved into the cutting die by hand and attain the closest possible mating of said members for cutting or forming the rounded corners of a tape segment when the tape is fed into the punching mechanism.
