sec.84What is the value of person’s entitlement in land holding trust

### sec.84 What is the value of person’s entitlement in land holding trust The unencumbered value of a person’s entitlement in a land holding trust is the amount worked out by— if the person has a subordinate interest in an entity (the first beneficiary ) that is a beneficiary of the land holding trust— first applying to the unencumbered value of the dutiable property held by the land holding trust, the first beneficiary’s trust interest in the land holding trust; and applying to the amount worked out under subparagraph (i) , the person’s subordinate interest in the first beneficiary; or if paragraph (a) does not apply— first applying to the unencumbered value of the dutiable property held by the land holding trust, the subordinate interest of the entity (also the first beneficiary ) that is a beneficiary of the land holding trust; and applying to the amount worked out under subparagraph (i) , the subordinate interest of the next entity in the series of entities that is a shareholder, partner or beneficiary of the first beneficiary connecting the land holding trust to the person; and applying the calculation in subparagraph (ii) for each of the other entities in the series until the person’s subordinate interest is applied to the amount worked out under the application of subparagraph (ii) for the entity in which the person’s subordinate interest is held. For subsection (1) (b) (iii) — the reference in subsection (1) (b) (ii) to the amount worked out under subsection (1) (b) (i) is a reference to the amount worked out under the previous application of subsection (1) (b) (ii) ; and the reference to the first beneficiary is a reference to the next shareholder, partner or beneficiary in the series for which subsection (1) (b) (ii) is being applied. (sec.84-ssec.1) The unencumbered value of a person’s entitlement in a land holding trust is the amount worked out by— if the person has a subordinate interest in an entity (the first beneficiary ) that is a beneficiary of the land holding trust— first applying to the unencumbered value of the dutiable property held by the land holding trust, the first beneficiary’s trust interest in the land holding trust; and applying to the amount worked out under subparagraph (i) , the person’s subordinate interest in the first beneficiary; or if paragraph (a) does not apply— first applying to the unencumbered value of the dutiable property held by the land holding trust, the subordinate interest of the entity (also the first beneficiary ) that is a beneficiary of the land holding trust; and applying to the amount worked out under subparagraph (i) , the subordinate interest of the next entity in the series of entities that is a shareholder, partner or beneficiary of the first beneficiary connecting the land holding trust to the person; and applying the calculation in subparagraph (ii) for each of the other entities in the series until the person’s subordinate interest is applied to the amount worked out under the application of subparagraph (ii) for the entity in which the person’s subordinate interest is held. (sec.84-ssec.2) For subsection (1) (b) (iii) — the reference in subsection (1) (b) (ii) to the amount worked out under subsection (1) (b) (i) is a reference to the amount worked out under the previous application of subsection (1) (b) (ii) ; and the reference to the first beneficiary is a reference to the next shareholder, partner or beneficiary in the series for which subsection (1) (b) (ii) is being applied. - (a) if the person has a subordinate interest in an entity (the first beneficiary ) that is a beneficiary of the land holding trust— (i) first applying to the unencumbered value of the dutiable property held by the land holding trust, the first beneficiary’s trust interest in the land holding trust; and (ii) applying to the amount worked out under subparagraph (i) , the person’s subordinate interest in the first beneficiary; or - (i) first applying to the unencumbered value of the dutiable property held by the land holding trust, the first beneficiary’s trust interest in the land holding trust; and - (ii) applying to the amount worked out under subparagraph (i) , the person’s subordinate interest in the first beneficiary; or - (b) if paragraph (a) does not apply— (i) first applying to the unencumbered value of the dutiable property held by the land holding trust, the subordinate interest of the entity (also the first beneficiary ) that is a beneficiary of the land holding trust; and (ii) applying to the amount worked out under subparagraph (i) , the subordinate interest of the next entity in the series of entities that is a shareholder, partner or beneficiary of the first beneficiary connecting the land holding trust to the person; and (iii) applying the calculation in subparagraph (ii) for each of the other entities in the series until the person’s subordinate interest is applied to the amount worked out under the application of subparagraph (ii) for the entity in which the person’s subordinate interest is held. - (i) first applying to the unencumbered value of the dutiable property held by the land holding trust, the subordinate interest of the entity (also the first beneficiary ) that is a beneficiary of the land holding trust; and - (ii) applying to the amount worked out under subparagraph (i) , the subordinate interest of the next entity in the series of entities that is a shareholder, partner or beneficiary of the first beneficiary connecting the land holding trust to the person; and - (iii) applying the calculation in subparagraph (ii) for each of the other entities in the series until the person’s subordinate interest is applied to the amount worked out under the application of subparagraph (ii) for the entity in which the person’s subordinate interest is held. - (i) first applying to the unencumbered value of the dutiable property held by the land holding trust, the first beneficiary’s trust interest in the land holding trust; and - (ii) applying to the amount worked out under subparagraph (i) , the person’s subordinate interest in the first beneficiary; or - (i) first applying to the unencumbered value of the dutiable property held by the land holding trust, the subordinate interest of the entity (also the first beneficiary ) that is a beneficiary of the land holding trust; and - (ii) applying to the amount worked out under subparagraph (i) , the subordinate interest of the next entity in the series of entities that is a shareholder, partner or beneficiary of the first beneficiary connecting the land holding trust to the person; and - (iii) applying the calculation in subparagraph (ii) for each of the other entities in the series until the person’s subordinate interest is applied to the amount worked out under the application of subparagraph (ii) for the entity in which the person’s subordinate interest is held. - (a) the reference in subsection (1) (b) (ii) to the amount worked out under subsection (1) (b) (i) is a reference to the amount worked out under the previous application of subsection (1) (b) (ii) ; and - (b) the reference to the first beneficiary is a reference to the next shareholder, partner or beneficiary in the series for which subsection (1) (b) (ii) is being applied.