31097

When a property is transferred for less than its value, that amount which constitutes the difference between the property value and its price, paid in money or its equivalent, shall be included in the total sum of gifts. For purposes of this chapter, the donor shall be the assignor of the property and the person receiving the gift shall be the acquirer of such property, as established in this section. In such cases, the assignor shall be required to evince with legitimate proof that the sales price was the property’s fair market value on the date of the transaction. History —Jan. 31, 2011, No. 1, § 2042.07, retroactive to Jan. 1, 2011.