Section 110 | Value of business.

For the purposes of this Chapter—

(a)the value of a business or of an interest in a business shall be taken to be its net value;

(b)the net value of a business is the value of the assets used in the business (including goodwill) reduced by the aggregate amount of any liabilities incurred for the purposes of the business;

(c)in ascertaining the net value of an interest in a business, no regard shall be had to assets or liabilities other than those by reference to which the net value of the entire business would fall to be ascertained.