(1) A person who is resident in the country during a year of assessment is deemed to be resident for the whole of that year.

(2) Despite subsection (1), an individual who is resident in the country by reason of section 101(1)(b), is resident from the start of the one hundred and eighty-three day period.

(3) Subject to subsection (6), where a non-resident person becomes resident in the country, the net cost of any asset held by that person immediately before becoming resident, is equal to the market value of that asset at the time the person became resident.

(4) Subject to subsection (6), where a person resident in the country ceases to be resident, an asset owned by that person immediately before that person became non-resident is considered as realised by that person on the date the person became non-resident.

(5) A person who realises an asset under subsection (4) is considered as having derived in respect of that asset, an amount that is equal to the market value of that asset at the time of the realisation.

(6) Subsections (3) and (4) do not apply to an asset that is a domestic asset of the person immediately before that person became resident or immediately after that person ceased to be resident, respectively.