1053. Valuation for the purposes of business property relief.

For the purposes of business property relief1:

  1.  

    (1)     the value of a business or of an interest in a business is taken to be its net value2;

  2.  

    (2)     the net value of a business is the value of the assets used in the business (including goodwill) reduced by the aggregate amount of any liabilities incurred for the purposes of the business3;

  3.  

    (3)     in ascertaining the net value of an interest in a business, no regard is had to assets or liabilities other than those by reference to which the net value of the entire business would fall to be