114. Successions.

If a person ('the successor') succeeds to a qualifying activity1 which until that time was carried on by another person ('the predecessor'), and:

  1.  

    (1)     all of the persons carrying on the qualifying activity before the succession permanently cease to carry it on; and

  2.  

    (2)     if the qualifying activity is a trade2 or property business3, either:

    1.  

      (a)     (for income tax purposes) a person carrying on the trade or property business immediately before the succession continues to carry it on after the succession; or

    2.  

      (b)     (for corporation tax purposes) a company carrying on the trade or business in partnership immediately before