195‑15 Gift transactions195‑15 Gift transactions

195‑15 Gift transactions

(1) For the purposes of this Act, if: (a) an *entity receives a *non‑cash benefit from another entity; and (b) the entity makes no payment, and gives no non‑cash benefit, to any entity at any time for the non‑cash benefit the entity receives; the entity is taken, at the time the entity receives the benefit, to receive an amount equal to the *market value of the benefit and to pay the same amount for the benefit. (2) For the purposes of this Act, if: (a) an *entity gives a *non‑cash benefit to another entity; and (b) the entity receives no payment, and receives no non‑cash benefit, from any entity at any time for the non‑cash benefit the entity gives; the entity is taken, at the time the entity gives the benefit, to pay an amount equal to the *market value of the benefit and to receive the same amount for the benefit.