57. Sale and leaseback transactions.

If:

  1.  

    (1)     an estate or interest in land1 is sold2 subject to terms which provide for the grant of a lease3 directly or indirectly out of the estate or interest to the seller or a person connected4 with him;

  2.  

    (2)     the period beginning with the sale and ending with the earliest date on which under the terms of the sale the lease would fall to be granted is 50 years or less; and

  3.  

    (3)     the price at which the estate or interest is sold exceeds the total of:

    1.  

      (a)     the amount of the premium for the lease; and

    2.  

      (b)