①The provisions of Article 31-2, paragraph (1) (including as applied mutatis mutandis pursuant to paragraph (3) of that Article) and Article 31-3, paragraph (1) of the New Act on Special Measures Concerning Taxation also apply to income tax for 1987 on capital gains from transfers in the case where an individual has, during the period from January 1, 1987 to September 30, 1987, transferred land, etc. prescribed in Article 31-2, paragraph (1) of the Former Act on Special Measures Concerning Taxation or land, etc. prescribed in Article 31-3, paragraph (1) of the Former Act on Special Measures Concerning Taxation that the individual holds and whose holding period prescribed in Article 31, paragraph (2) of the Former Act on Special Measures Concerning Taxation exceeds 10 years as of January 1, 1987, and all or part of that transfer falls under a transfer for a superior residential area, etc. prescribed in Article 31-2, paragraph (2) of the Former Act on Special Measures Concerning Taxation, a transfer for a determined site for constructing a superior residential area, etc. prescribed in paragraph (3) of that Article, or a transfer of specified farmland, etc. in an urbanization promotion area prescribed in Article 31-3, paragraph (1) of the Former Act on Special Measures Concerning Taxation.

②The provisions of Article 37, paragraphs (1) and (3) and Article 37-3, paragraph (1) of the New Act on Special Measures Concerning Taxation apply in the case where an individual transfers assets prescribed in Article 37, paragraph (1) of the New Act on Special Measures Concerning Taxation on or after October 1, 1987, and the provisions then in force continue to govern the case where an individual transferred assets prescribed in Article 37, paragraph (1) of the Former Act on Special Measures Concerning Taxation before that date.