Transactions between related parties

Transactions between related parties If —

1. (a) a registered dealer sells or gives goods to a related person;
2. (b) the terms or conditions of the transaction have been influenced by the relationship; and
3. (c) if the related person had purchased the goods, the related person would not be entitled to a tax credit for the purchase, or the amount of the tax credit would be reduced under section 9(3); the transaction shall be deemed to be a sale made by the registered dealer and the sale price of the goods shall be deemed to be their fair market value.