INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
Where a person (in this section referred to as the ``beneficiary'') has a right to receive income from a trust estate other than the estate of a unit trust or of a trust that arose upon or resulted from the death of another person and the trustee disposes of an asset of the trust estate to the beneficiary in satisfaction of the right or a part of the right -
(a) the asset shall be deemed for the purposes of this Part to have been so disposed of for a consideration equal to its market value; and
(b) the beneficiary shall be deemed to have, at the time when the asset was so disposed of, disposed of the right or part of the right, as the case may be, for a consideration equal to the market value of the asset at that time.
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