S.L. 123.92 Art. 10Apportionment of transfer value in proportion to area.

When a person transfers undeveloped land which he had acquired by means of acquisitions of separate parts, and the area of any of those parts is defined in the deed of transfer, that part shall be deemed to be transferred separately and its transfer value shall be such proportion of the whole transfer value as is equivalent to the proportion which the area of that part bears to the whole area of the property that is transferred.