Section FC 2 — Income Tax Act 2007: Transfer at market value

FC 2 Transfer at market value Market value (1) The transfer of property under section FC 1(1) is treated as a disposal by the transferor and an acquisition by the transferee at the market value of the item for the transferor. The disposal is treated as occurring on the date of the transaction. Date of transfer of estate of deceased person (2) For property referred to in section FC 1(1)(a) , the disposal and acquisition is treated as occurring immediately before the death of the person. Exceptions to general rule (3) Sections FC 3 to FC 6 override this section. Defined in this Act: dispose , market value , Compare: 2004 No 35 ss FI 2 , FI 3 Section FC 2(2): substituted (with effect on 1 April 2008), on 6 October 2009, by section 204 of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section FC 2(3): amended, on 2 November 2012, by section 67 of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88).