sec.121AWhen an entity is the source of a gift or loan

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### sec.121A When an entity is the source of a gift or loan An entity is the source of a gift (the ultimate gift ) made to another entity (the ultimate recipient ) if— the entity makes a gift or loan (the first gift or loan ) to another entity (the first recipient ); and the entity’s main purpose in making the first gift or loan is to enable (directly or indirectly) the first recipient, or another person, to make the ultimate gift to the ultimate recipient; and the first recipient, or another person, makes the ultimate gift to the ultimate recipient; and the first gift or loan enabled (directly or indirectly) the first recipient, or the other person, to make the ultimate gift. An entity is the source of a loan (the ultimate loan ) made to another entity (the ultimate recipient ) if— the entity makes a gift or loan (the first gift or loan ) to another entity (the first recipient ); and the entity’s main purpose in making the first gift or loan is to enable (directly or indirectly) the first recipient, or another person, to make the ultimate loan to the ultimate recipient; and the first recipient, or another person, makes the ultimate loan to the ultimate recipient; and the first gift or loan enabled (directly or indirectly) the first recipient, or the other person, to make the ultimate loan. s 121A ins 2019 No. 30 s 235 (sec.121A-ssec.1) An entity is the source of a gift (the ultimate gift ) made to another entity (the ultimate recipient ) if— the entity makes a gift or loan (the first gift or loan ) to another entity (the first recipient ); and the entity’s main purpose in making the first gift or loan is to enable (directly or indirectly) the first recipient, or another person, to make the ultimate gift to the ultimate recipient; and the first recipient, or another person, makes the ultimate gift to the ultimate recipient; and the first gift or loan enabled (directly or indirectly) the first recipient, or the other person, to make the ultimate gift. (sec.121A-ssec.2) An entity is the source of a loan (the ultimate loan ) made to another entity (the ultimate recipient ) if— the entity makes a gift or loan (the first gift or loan ) to another entity (the first recipient ); and the entity’s main purpose in making the first gift or loan is to enable (directly or indirectly) the first recipient, or another person, to make the ultimate loan to the ultimate recipient; and the first recipient, or another person, makes the ultimate loan to the ultimate recipient; and the first gift or loan enabled (directly or indirectly) the first recipient, or the other person, to make the ultimate loan. - (a) the entity makes a gift or loan (the first gift or loan ) to another entity (the first recipient ); and - (b) the entity’s main purpose in making the first gift or loan is to enable (directly or indirectly) the first recipient, or another person, to make the ultimate gift to the ultimate recipient; and - (c) the first recipient, or another person, makes the ultimate gift to the ultimate recipient; and - (d) the first gift or loan enabled (directly or indirectly) the first recipient, or the other person, to make the ultimate gift. - (a) the entity makes a gift or loan (the first gift or loan ) to another entity (the first recipient ); and - (b) the entity’s main purpose in making the first gift or loan is to enable (directly or indirectly) the first recipient, or another person, to make the ultimate loan to the ultimate recipient; and - (c) the first recipient, or another person, makes the ultimate loan to the ultimate recipient; and - (d) the first gift or loan enabled (directly or indirectly) the first recipient, or the other person, to make the ultimate loan.