Commentary

I4.304 Loss on sale of shares — exchanges of shares

IHT, trusts and estates

I4.304 Loss on sale of shares — exchanges of shares

I4.304 Loss on sale of shares — exchanges of shares

If within the period of 12 months immediately following the date of death in question, the appropriate person exchanges any qualifying investments (see I4.301A for the meaning of these terms)) then, regardless of the nature of the property taken in exchange, if the market value of the exchanged investments at the date of exchange is greater than their value at the date of death, they are treated as having been sold for a price equal to the market value at the date of exchange1.

This provision is intended to prevent personal

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