I. The commissioner of the department of revenue administration shall have the power to audit all real estate transfers within this state for purposes of verifying and determining the existence of a sale, granting or transfer of real estate, and for purposes of verifying and determining the amount of the price or consideration paid for real estate transferred within this state.
II. If there is occasion to determine if there has been a sale, grant or transfer of real estate within this state, the commissioner shall look to the substance of the transaction or series of transactions to determine if a sale, grant or transfer of real estate has occurred.
III. If there is occasion to determine if the stated price or consideration is the actually paid or required to be paid price or consideration, then the commissioner shall have the power, barring specific proof to the contrary, to determine the actual price or consideration by the fair market value of the real estate.
IV, V. [Repealed.]
Source. 1989, 197:8. 1990, 231:3. 1991, 163:43, XXVI, eff. May 27, 1991.