(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.
(2) For subsection (1) (b) (iii) —
(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.
