»Ê¹ÚÌåÓýapp

Death of holder

On the death of the holder of a deeply discounted security, there is a deemed disposal at market value to the personal representative immediately prior to death. »Ê¹ÚÌåÓýapp personal representative of the deceased is also deemed to acquire the bond at that market value. (ITTOIA05/S440 (2)(d)).

Transfer by personal representative

Where a personal representative transfers a deeply discounted security to a legatee, the transferor is treated as receiving the market value of the security at the time of the transfer. »Ê¹ÚÌåÓýapp deemed market value proceeds are used for the purpose of calculating the profit or loss made by the personal representative. »Ê¹ÚÌåÓýapp market value is also treated as the cost of the security for the legatee. (ITTOIA05/S440 (2)(e)).