S.L. 123.173 Art. 3Deemed cost and date of the acquisition of the property in certain cases.

If the owner of an industrial building or structure is a person that acquired the property by means of a transfer that was not subject to tax in virtue of the provisions of articles 5(9),

5A(4)(f) or 5A(4)(j) of the Act ("exemption provisions"), the said owner shall be deemed, for the purpose of article 14(1)(f) and (j) of the Act and of these rules, to have acquired the property:

(a) at a cost equivalent to the actual consideration for that acquisition or the consideration for the original transfer, whichever is the lower, increased by any construction costs incurred by it after the acquisition; and

(b) on the date of the original transfer, and for this purpose "original transfer" means the last transfer of that property that did not qualify for relief under any of the above-mentioned exemption provisions.