S.L. 123.92 Art. 14Apportionment of acquisitionvalue proportion to defined areas.

When a person acquires undeveloped land and he in subsequently transfers -

(a) a divided part of that land, or

(b) property developed over a divided part of that land, consisting of the whole development over that part as well as the underlying land and the airspace, and the areas of that part and of the whole land are defined in the deed, the acquisition value shall be such proportion of the acquisition value of the land that was acquired as is equal to the proportion which the area of the part that is transferred bears to the whole area of the land that was acquired.