Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section applies if the beneficiary owns one or more * membership interests in the transferring trust at all times during the period:
(a) starting just before this time (the starting time ):
(i) the transfer time; or
(ii) the transfer time for an asset referred to in paragraph 126 - 225(2)(c) (assuming subsection 126 - 225(2) applies); and
(b) ending just after this time (the ending time ):
(i) the transfer time (assuming this is not also the starting time); or
(ii) a later time in the transfer year that is the transfer time for another asset for which a roll - over is obtained under this Subdivision for the trusts.
Note: Subsection 126 - 225(2) applies if the roll - over asset is transferred to the receiving trust after an earlier roll - over under this Subdivision, for another asset, was obtained for the trusts.
(2) The beneficiary may choose for each of the following:
(a) the * cost base and * reduced cost base of each of those * membership interests and of the beneficiary's corresponding membership interests in the receiving trust;
(b) the time each of those corresponding interests in the receiving trust is treated as having been * acquired;
to be adjusted under subsection (3) for the period.
(3) For each of the interests referred to in subsection (2), subsections 126 - 245(2), (3), (4), (5) and (6) apply as if:
(a) references in those subsections to just before the transfer time were references to just before the starting time; and
(b) references in those subsections to just after the transfer time were references to just after the ending time.