Cap. 123 Art. 45BConversion of a partnership into a company.

Notwithstanding anything contained in this Act, where, in accordance with the provisions of the Companies Act, a commercial partnership or a commercial en nom collectif partnership is converted into a company or elects to en commandite be treated as a company pursuant to an election made in terms of article 27(6) of the Income Tax Management Act, it shall be deemed for all the purposes of the Income Tax Acts that no transfer or acquisition of assets has taken place and for the purpose of determining the chargeable income or gains on a transfer of the said assets by the company, the cost and date of acquisition taken into account shall be the cost and date as applicable to the commercial partnership that has been converted.