(1) The purpose of this section is to ensure that the modifications made by section 360 - 50 apply to each partner in a partnership in a case where the partnership is the entity that is issued with the * share mentioned in subsection 360 - 50(1).
(2) In such a case, subsections 360 - 50(2) to (4) apply as if:
(a) the first reference in those subsections to the entity were a reference to each partner in the partnership; and
(b) the first reference in those subsections to the * share were a reference to the partner's interest in the share.
Note: The references to the entity and the share in the paragraphs of subsections 360 - 50(3) and (4) continue to apply unchanged.
(3) In such a case, treat subsection 360 - 50(5) as if it read as follows:
"If the partnership has continuously held the * share since its issue, on the tenth anniversary of its issue:
(a) the * first element of the * cost base for a partner's interest in the share becomes so much of the share's * market value on that anniversary as is calculated by reference to the partnership agreement, or partnership law if there is no agreement; and
(b) the * first element of the * reduced cost base is worked out
similarly.".