[§231-3.1]  Consideration paid notindicative of fair market value.  Where sales are made by a taxpayer,taxable under title 14, to other affiliated companies or persons, or underother circumstances where the relation between the taxpayer and the buyer issuch that the consideration paid, if any, is not indicative of the fair marketvalue, the taxpayer shall pay the taxes imposed under title 14, measured by thefair market value, corresponding as nearly as possible to the gross proceeds ofsales of like quality and character by other persons, where no common interestexists between the buyer and seller but the circumstances and conditions areotherwise similar.  If no such comparable sales exist between nonaffiliatedbuyers and sellers, the department may prescribe equitable and uniform rulesfor ascertaining the fair market value of the sale.

As used in this section, "affiliatedcompanies or persons" means two or more organizations, trades, orbusinesses (whether or not incorporated, organized in the United States, oraffiliated) owned or controlled directly or indirectly by the same interests,including companies or persons described in section 237-23.5. [L 2002, c 153,§2]