80. No tax is payable in respect of the supply of property of a deceased individual made by the succession of the individual where
(1) immediately before death, the individual held the property for consumption, use or supply in the course of a business carried on immediately before the individual’s death;
(2) the succession of the individual makes a supply of the property, in accordance with the individual’s will or the laws relating to the transmission of property on death, to another individual who is a beneficiary of the individual’s succession and a registrant;
(3) the property is received for consumption, use or supply in the course of commercial activities of the other individual; and
(4) the succession and the other individual make a joint election for the purposes of this section.
The other individual is deemed to have acquired the property for use exclusively in commercial activities of the individual.
1991, c. 67, s. 80; 1994, c. 22, s. 408; 1997, c. 85, s. 465.