Clause 19

by inserting, immediately after the words “This section” in subsection (1), the words “, except subsection (5),”; and

by inserting, immediately after subsection (4), the following subsections:“(5) Where a change occurs in a partnership of persons carrying on any trade, business or profession by reason of retirement or death, or the dissolution of the partnership as to one or more of the partners, or the admission of a new partner, and where no election is made under subsection (3), any property of the partnership shall be treated as if the property had been sold —

to all the remaining partners and new partners of the partnership on the date the change occurs; and

at the open-market price.(6) In subsection (5), “open-market price” has the same meaning as in section 20(7).”.