7. (43) The Inuvialuit Land Corporation and other corporations controlled by the Inuvialuit may, from time to time, exchange lands with Canada.
7. (44) Subject to any agreements that the Inuvialuit have entered into or may enter into with other native groups in adjoining land claims areas respecting the acquisition or disposition of their respective interests in and, title to Inuvialuit lands may not be conveyed except to Inuvialuit individuals or corporations controlled the Inuvialuit or Her Majesty in right of Canada. For greater certainty, leases and other rights to use and occupy Inuvialuit lands for any purpose and dispositions of rights to explore, develop and produce resources owned the Inuvialuit may be made by the Inuvialuit to persons or corporations in accordance with this Agreement and laws of general application.
7. (45) The transfer or grant of Inuvialuit lands pursuant to subsection (44) and subsections (50) to (81) snail be exempt from tax. For greater certainty, the transfer to and the receipt by the Inuvialuit of the proceeds of such transfers or grants and any distributions thereof by Inuvialuit corporations shall be exempt from tax, Including income tax, by federal, provincial, territorial or municipal governments. The Inuvialuit corporations shall separately account for such proceeds and any transfer or distribution thereof.
7. (46) For the purposes of the Income Tax Act, there shall be deemed to be no cost with respect to any acquestion or deemed acquisition of Canadian resource properties, as defined in paragraph 66(15)(c) of the Income Tax Act, by the Inuvialuit under this Agreement. However, net proceeds up to a total of $10 million received by the Inuvialuit from the disposition of Canadian resource properties relating to lands described in subsections 9(3) and 9(4) shall be deemed, for the purposes of the Income Tax Act, not to be proceeds of the disposition of Canadian resource properties, and those proceeds, their transfer to and receipt by the Inuvialuit and any distribution thereof by Inuvialuit corporations shall be exempt from tax, including income tax, by federal, territorial, provincial or municipal governments. The Inuvialuit corporations shall separately account for such proceeds and any transfer or distribution thereof.
7. (47) No federal, territorial, provincial or municipal charge, levy or tax of any kind whatsoever shall be payable on Inuvialuit lands or based on the value or assessed value of Inuvialuit lands and, without limiting the generality of the foregoing, no capital, wealth, realty, school, water or business tax shall be payable on Inuvialuit lands or based on the value or assessed value of Inuvialuit lands.
7. (48) For the purposes of subsection (47), "land" does not include buildings on land, and all royalties, rents, profits and other revenues or gain derived from Inuvialuit lands shall be taxable under laws of general application except as otherwise provided by this Agreement.
7. (49) No federal, territorial, provincial or municipal charge, levy or tax shall be payable in respect of the transfer to or receipt by the Inuvialuit Regional Corporation or the Inuvialuit Land Corporation of Inuvialuit lands under the Settlement.