(1) This section applies to a dutiable transaction under which the following
happens (the
"partition" )—
(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.
(3) This section does not
apply to a transaction if section 48applies to the transaction.