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(1) A payment or an amount to be included in income or deducted from income is quantified in the amount

(a) specified in the Fourth Schedule;

(b) prescribed by Regulations; or

(c) in any other case, according to the market value.

(2) The amount of a payment is quantified without reduction for any tax withheld from the payment under Division II of Part VIII.

(3) The market value is determined

(a) with due regard for the arm’s length standard referred to in section 31; or

(b) in the case of an asset, without regard to any restriction on transfer of the asset or the fact that the asset is not otherwise convertible into a payment of money or money’s worth.