662. Transactions at an undervalue.

662.     Transactions at an undervalue.

An individual enters into a transaction1 with a person2 at an undervalue if:

  1.  

    (1)     he makes a gift to that person or he otherwise enters into a transaction with that person on terms that provide for him to receive no consideration;

  2.  

    (2)     he enters into a transaction with that person in consideration of marriage or the formation of a civil partnership; or

  3.  

    (3)     he enters into a transaction with that person for a consideration the value of which, in money or money's worth, is significantly less than the value,