For the purposes of business property relief1:
(1) the value of a business or of an interest in a business is taken to be its net value2;
(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) 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
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