There shall be no federal, territorial or municipal government tax or other similar charges exigible in respect of the payment to or receipt by the Nunavut Trust, or a beneficiary under Section 29.1.4, of the following amounts paid by the Government of Canada pursuant to the Agreement:
any capital transfer referred to in Article 29; and
any loan against capital transfer payments described in Article 29.
Subject to Section 30.1.1, tax laws of general application shall apply to the Nunavut Trust, any other recipient of a portion of the capital transfer, and to the recipient of any capital or income from the Nunavut Trust.
Inuit Owned Lands shall be deemed not to be reserves for the purposes of Section 87 of the Indian Act, R.S.C. 1985, c.I-5.
INCOME FROM INUIT LANDS AND DEPRECIABLE PROPERTY
All profits, rents, royalties and other revenues or gain derived from Inuit Owned Lands shall be taxable under laws of general application except as otherwise provided in the Agreement.
30.2.2 - Acquisition Cost of Lands
The cost of acquisition to an Inuk or to a DIO of any real property acquired under the Agreement, other than depreciable property, shall, for the purposes of the Income Tax Act, be deemed to be an amount equal to the fair market value thereof at the earlier of:
the time at which title to such property is registered in the name of the Inuk or the DIO; or
any right or interest in such property is acquired by the Inuk or DIO.
30.2.3 - Disposition of Lands
Where any real property acquired under the Agreement, other than depreciable property, is disposed of by a DIO (the "transferor")
to an Inuk (the ""transferee""), and such real property has not previously been disposed of by a DIO to another Inuk, or
within ten years of the vesting of such property in a DIO, by that DIO to another DIO (the ""transferee""),
the real property shall, for the purpose of the Income Tax Act, be deemed to have been disposed of by the transferor for proceeds of disposition equal to the greater of the amount that would otherwise be the proceeds of disposition and the adjusted cost base to the transferor of the real property at that time, and to have been acquired by the transferee at a cost equal to the amount at which it was deemed to have been disposed.
30.2.4 - Disposition of Depreciable Property