18Value of gift

##### 18 Value of gift (1) For the purpose of computing the value of a gift: (a) no allowance shall be made in respect of any contingency affecting the interests of the donees or any of them; (b) subject to this Act, the value of a gift shall be taken to be the value thereof at the time of the making of the gift; and (c) no deduction shall be allowed in respect of any mortgage, charge, encumbrance or liability affecting or incident to the property comprised in the gift existing at the time of the making of the gift, if and so far as the donee is entitled as against the donor or any other person or as against any other property to any right of indemnity or contribution in respect of that mortgage, charge, encumbrance or liability. (2) Where the Commissioner is of the opinion that it is necessary that the following provisions should apply for the purpose of computing the value of a gift for the purposes of this Act, the following provisions shall apply: (a) the value of shares or stock in any company, whether incorporated in Australia or elsewhere, shall be determined upon the assumption that, on the date when the gift was made, the memorandum and articles of association or rules of the company satisfied the requirements prescribed by the Committee or governing authority of the Stock Exchange at the place where the share or stock register is situate, for the purpose of enabling that company to be placed on the current official list of that Stock Exchange; (b) no regard shall, in determining the value of any such shares or stock, be had to any provision in the memorandum or articles of association or rules of the company whereby or whereunder the value of the shares or stock of a deceased or other member is to be determined; and (c) where a gift includes any shares or stock in any company the shares or stock of which are not or is not quoted in the official list of any Stock Exchange, the Commissioner may, in his discretion, notwithstanding anything contained in paragraphs (a) and (b), adopt as the value of any such shares or stock such sum as the holder thereof would receive in the event of the company being voluntarily wound up on the date when the gift was made. (3) The Tribunal or a court having jurisdiction to determine, for the purposes of this Act, the value of any shares or stock to which subsection (2) applies, may substitute its own opinion for, or use its own discretion in lieu of, any opinion or discretion of the Commissioner under that subsection.