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of <h1>Section 8 treats partner/member transfers on dissolution as occurring on receipt at fair market value; Board guideline power made permanent</h1> Section 8 deems transfers of capital assets or stock-in-trade by non-company, non-cooperative entities to partners/members on dissolution or reconstitution to have occurred in the year of receipt, values consideration at fair market value on that date, and taxes resulting profits as income of the entity under business profits or capital gains; the enacted change removes a two-year sunset on the Board's power to issue guidelines (subject to prior Central Government approval and parliamentary laying), leaving guideline-making open-ended, while other edits are largely clerical or stylistic with no substantive tax-effect.
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