(1) Subject to section 48, where a right or an obligation with respect to an asset owned by a person is created in another person, including the lease of an asset or part of the asset, if the right or obligation

(a) is permanent, that person is treated as realising part of the asset, but is not treated as acquiring any new asset or liability; or

(b) is temporary or contingent, that person is not treated as realising part of the asset or liability, but as acquiring a new asset or incurring a new liability, as the case requires.

(2) A right or an obligation is considered permanent where the right or obligation is to last for more than fifty years.