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Net market value of other property.
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11.—(1) The net market value of property (other than property to which section 10 applies) comprised in the taxable wealth of an assessable person shall be ascertained by deducting from the market value of the property any debts and incumbrances due by the assessable person and outstanding on the valuation date but no deduction shall be made for—
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(a) debts incurred by the person or incumbrances created by the person unless such debts or incumbrances were incurred or created by that person bona fide for full consideration in money or money's worth;
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(b) debts or incumbrances which were incurred or created by the person in the acquisition of property in respect of which, by virtue of section 7, tax is not payable;
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Provided that this paragraph shall not apply to debts or incumbrances incurred in the acquisition prior to the 5th day of April, 1975 of shares in private non-trading companies to which section 7 (1) (l) refers;
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(c) debts or incumbrances in respect of which the assessable person has a right of reimbursement from any other source unless such reimbursement cannot be obtained;
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(d) debts or incumbrances which are payable at some future date or in respect of which payment is contingent on the happening of some future event, unless such debts or incumbrances were incurred or created bona fide for full consideration in money or money's worth;
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(e) contingencies affecting the property and
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(f) debts or incumbrances payment of or discharge of which is not enforceable at law.
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(2) In the case of an assessable person in respect of whose property (if any) situate outside the State, tax is not payable, allowance shall not be made under this section for debts or incumbrances due by the assessable person to a person or persons resident outside the State (unless they are required, by contract, to be paid in the State or are charged on the taxable wealth of that assessable person situate in the State) except to the extent to which it is shown, to the satisfaction of the Commissioners, that all the property situate outside the State is insufficient for their payment.
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(3) Where the taxable wealth of an individual includes, by virtue of section 4, the property of the wife or minor child of that individual, allowance shall be made under this section only for such debts or incumbrances of the wife or minor child as would be allowable if the wife or minor child were an assessable person who is an individual.
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(4) A deduction shall not be made under this section for any debt or incumbrance a part of which has been deducted under section 10.
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