“executor” means any person to whom letters of administration or of executorship have been granted by a Master in respect of the estate of a deceased person under any law relating to the administration of estates, or whose appointment as assumed executor of such an estate has been endorsed by a Master under such law, or who liquidates or distributes such an estate in pursuance of a direction of a Master, and includes a person acting or authorized to act under letters of administration or of executorship granted outside the Republic but signed and sealed by a Master for use within the Republic and, in any case where the estate is not required to be administered under the supervision of the Master, the person administering the estate;

[Definition of “executor” substituted by section 3 of Act 92 of 1971]

“fair market value”, means –

(a)     the price which could be obtained upon a sale of the property between a willing buyer and a willing seller dealing at arm’s length in an open market; or

(b)     in relation to immovable property on which a bona fide farming undertaking is being  carried  on  in  the  Republic, the  amount determined by reducing the price which could be obtained upon a sale of the property between a willing buyer and a willing seller dealing at arm’s length in an open market by 30 per cent;

[Definition of “fair market value” inserted by section 1 of Act 59 of 1957, amended by section 1 of Act 65 of 1960 and section 7 of Act 87 of 1988 and substituted by section 1 of Act 32 of 2005]

“family company”, in relation to a deceased person, means any company (other than a company whose shares are quoted on a recognized stock exchange) which at any relevant time was controlled or capable of being controlled directly or indirectly, whether through a majority of the shares thereof or any other interest therein or in any other manner whatsoever, by the deceased or by the deceased and one or more of his relatives;

[Definition of “family company” inserted by section 7 of Act 77 of 1964, deleted by section 6 of Act 97 of 1993 and inserted by section 2 of Act 140 of 1993]

“liquidation and distribution account” means the account required to be rendered by an executor to a Master in accordance with section 35 of the Administration of Estates Act, 1965 (Act No. 66 of 1965), or where the provisions of section 68 of the Administration of Estates Act, 1913 (Act No. 24 of 1913), apply, the account required to be rendered by an executor to a Master in accordance with the last-mentioned section;

[Definition of “liquidation and distribution account” inserted by section 3 of Act 92 of 1971]

“Master” in relation to any matter, property or estate, means the Master or Assistant Master of the High Court appointed under the Administration of Estates Act, 1965, who has jurisdiction in respect of that matter, property or estate;

[Definition of “Master” amended by section 3 of Act 92 of 1971 and section 5 of Act 27 of 1997]

“relative”, in relation to any person, means the spouse of such person or anybody related to him or his spouse within the third degree of consanguinity, or any spouse of anybody so related, and for the purpose of determining the relationship between any child referred to in the definition of “child” in this subsection and any other person, such child shall be deemed to be related to its adoptive parent in the first degree of consanguinity;

[Definition of “relative” inserted by section 7 of Act 77 of 1964]

“South African Revenue Service” means the South African Revenue Service established by section 2 of the South African Revenue Service Act, 1997;

[Definition of “South African Revenue Service” inserted by section 34 of Act 34 of 1997]

“spouse”, in relation to any deceased person, includes a person who at the time of death of such deceased person was the partner of such person-

(a)     in a marriage or customary union recognised in terms of the laws of the Republic;

(b)     in a union recognised as a marriage in accordance with the tenets of any religion; or

(c)     in a same-sex or heterosexual union which the Commissioner is satisfied is intended to be permanent:

Provided that a marriage or union contemplated in paragraph (b) or (c) shall, in the absence of proof to the contrary, be deemed to be a marriage or union without community of property.

[Definition of “spouse” inserted by section 1 of Act 59 of 2000 and amended by section 3 of Act 5 of 2001]

“stocks or shares” in relation to any company means any part of the share capital or members’ interest of that company and includes any debenture, debenture stock or any other like form of marketable security.

[Definition of “stocks or shares” substituted by section 6 of Act 97 of 1993]

“Tax Administration Act”, means the Tax Administration Act, 2011.

[Definition of “Tax Administration Act” inserted by section 271 of Act 28 of 2011 effective on 1 October 2012]

(2)     Unless the context indicates otherwise, a word or expression to which a meaning has been assigned in the Tax Administration Act bears that meaning for purposes of this Act.

[Subsection (2) added by section 1 of Act 59 of 1957, amended by section 1 of Act 65 of 1960, section 3 of Act 92 of 1971 and section 8 of Act 88 of 1996, deleted by section 1 of Act 32 of 2005 and inserted by section 271 of Act 28 of 2011 effective on 1 October 2012]