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I-3 - Taxation Act
Section 1034.3
Disposition versions
1034.3. Where property is transferred at any time from a taxpayer, in this section referred to as the “transferor”, to another taxpayer, in this section referred to as the “transferee”, with whom the transferor does not deal at arm’s length, the transferor is liable because of this section or section 1034.2, to pay an amount of the tax of another person, in this section referred to as the “debtor”, under this Part, and it can reasonably be considered that one of the reasons of the transfer is to prevent the enforcement of this section or section 1034.2, the transferee is solidarily liable with the transferor and the debtor to pay an amount of the debtor’s tax under this Part equal to the lesser of the amount of such tax that the transferor was liable to pay at that time and the amount by which the fair market value of the property at that time exceeds the fair market value at that time of the consideration given for the property.
However, nothing in this section limits the liability of the debtor or the transferor under any provision of this Act.
