The Administration, in an instruction of 28 october 94, 7 G-5-94, clarifies the notion of "average market price on the day of transfer" provided for by Article 759 of the French General Tax Code for the valuation of quoted securities in respect of the settlement of transfer duties where no consideration passes (gifts, inheritance). The term average price means the average of the highest and the lowest prices of the market session considered or by default the only price quoted, if there was only one price.
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