sec.523Aggregations for land rich duty

### sec.523 Aggregations for land rich duty Subsection (2) applies if— before the commencement day, an interest was acquired in a corporation to which the prescribed provisions under section 56F of the repealed Act apply; and the interest may have been aggregated under the prescribed provisions. The acquisition of the interest is an acquisition of an interest in the corporation for chapter 3, part 1. However, section 158(1)(b)(iii) applies only to aggregate interests of persons who become related persons on or after the commencement day. If an option mentioned in section 158(2) is exercised on or after the commencement day, chapter 3, part 1, applies to the preliminary acquisition to which the option relates. Subsection (4) applies regardless of whether the option or preliminary acquisition was given or made before or after the commencement day. For section 179(2)(b)(ii), the reference to interests previously aggregated includes a reference to interests aggregated under the repealed Act. (sec.523-ssec.1) Subsection (2) applies if— before the commencement day, an interest was acquired in a corporation to which the prescribed provisions under section 56F of the repealed Act apply; and the interest may have been aggregated under the prescribed provisions. (sec.523-ssec.2) The acquisition of the interest is an acquisition of an interest in the corporation for chapter 3, part 1. (sec.523-ssec.3) However, section 158(1)(b)(iii) applies only to aggregate interests of persons who become related persons on or after the commencement day. (sec.523-ssec.4) If an option mentioned in section 158(2) is exercised on or after the commencement day, chapter 3, part 1, applies to the preliminary acquisition to which the option relates. (sec.523-ssec.5) Subsection (4) applies regardless of whether the option or preliminary acquisition was given or made before or after the commencement day. (sec.523-ssec.6) For section 179(2)(b)(ii), the reference to interests previously aggregated includes a reference to interests aggregated under the repealed Act. - (a) before the commencement day, an interest was acquired in a corporation to which the prescribed provisions under section 56F of the repealed Act apply; and - (b) the interest may have been aggregated under the prescribed provisions.