220. Exception where there is a transfer to a legatee.

The following provisions apply if:

  1.  

    (1)     an individual who is entitled to securities1 dies; and

  2.  

    (2)     the securities are transferred2 by the personal representatives to a legatee3.

If the securities are transferred in the interest period4 in which the death occurs, no payment is treated as made under the provisions on accrued income profits