“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]