sec.31Partitions

### sec.31 Partitions This section applies to a dutiable transaction under which the following happens (the partition )— dutiable property held by persons jointly as joint tenants or tenants in common (each a co-owner ) is transferred, or agreed to be transferred, to 1 or more of the co-owners; the dutiable property transferred, or agreed to be transferred, includes the interest held by the transferee in the property immediately before the transaction. The dutiable value of the dutiable transaction is the greater of the following— the amount by which the unencumbered value of the dutiable property transferred, or agreed to be transferred, is more than the unencumbered value of the interest held by the transferee in the property immediately before the transaction; the consideration paid by any party to the transaction. This section does not apply to a transaction if section 48 applies to the transaction. s 31 amd 2011 No. 8 s 17 (sec.31-ssec.1) This section applies to a dutiable transaction under which the following happens (the partition )— dutiable property held by persons jointly as joint tenants or tenants in common (each a co-owner ) is transferred, or agreed to be transferred, to 1 or more of the co-owners; the dutiable property transferred, or agreed to be transferred, includes the interest held by the transferee in the property immediately before the transaction. (sec.31-ssec.2) The dutiable value of the dutiable transaction is the greater of the following— the amount by which the unencumbered value of the dutiable property transferred, or agreed to be transferred, is more than the unencumbered value of the interest held by the transferee in the property immediately before the transaction; the consideration paid by any party to the transaction. (sec.31-ssec.3) This section does not apply to a transaction if section 48 applies to the transaction. - (a) dutiable property held by persons jointly as joint tenants or tenants in common (each a co-owner ) is transferred, or agreed to be transferred, to 1 or more of the co-owners; - (b) the dutiable property transferred, or agreed to be transferred, includes the interest held by the transferee in the property immediately before the transaction. - (a) the amount by which the unencumbered value of the dutiable property transferred, or agreed to be transferred, is more than the unencumbered value of the interest held by the transferee in the property immediately before the transaction; - (b) the consideration paid by any party to the transaction.