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62(1)  For the purposes of this Act the assets of which a deceased person was competent to dispose–

(a)shall be deemed to be acquired on his death by the personal representatives or other person on whom they devolve for a consideration equal to their market value at the date of the death, but

(b)shall not be deemed to be disposed of by him on his death (whether or not they were the subject of a testamentary disposition).

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