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Settlement of an interest not in possession.
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25.—(1) Where any donee or successor takes a gift or an inheritance under a disposition made by himself then, if at the date of such disposition he was entitled to the property comprised in the disposition, either expectantly on the happening of an event, or subject to a liability within the meaning of section 18 (9), and such event happens or such liability ceases during the continuance of the disposition, tax shall be charged on the taxable value of the taxable gift or taxable inheritance which he would have taken on the happening of such event, or on the cesser of such liability, if no such disposition had been made.
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