28. (1) Whenever a disposition of property takes the form of an onerous contract but in fact entails a gratuity, such gratuity shall be deemed, for the purposes of this act, to constitute, to the extent of the value thereof, a disposition of property by gratuitous title.
(2) Whenever a person domiciled in Québec at the time of his death, which occurred after the 1st of January 1950, has assigned or transferred to a partnership, company or corporation any property in consideration of or in exchange for capital shares, bonds, debentures, notes or other securities of such partnership, company or corporation, or for revenues, emoluments, benefits, payments or other advantages, and such assignment or transfer was made otherwise than in the ordinary course of business and has resulted in the avoidance or decrease of the duties which would otherwise have been payable under this act, had such transfer or assignment not been made and such property had formed part of his estate, at the time of his death, the ownership, enjoyment or usufruct of such property shall be deemed, for the purposes of this act, to have been transmitted owing to the death of the assignor or transferor and shall be included in this estate. Every person benefiting therefrom, directly or indirectly, whether in consequence of the said assignment or transfer or of contemporaneous or subsequent deeds or instruments executed by the deceased, shall pay, in proportion to the benefit derived by him, the same duties in respect of the property deemed to have been transmitted owing to the death, as would have been payable, had the ownership, enjoyment or usufruct of the property assigned or transferred been transmitted to him owing to the death of the assignor or transferor.
The real value of the said property, as at the date of the death, shall be determined by the Minister of Revenue, who shall, however, deduct therefrom, for succession duty purposes, the real value, as at the same date, of the property received in exchange.