Non-Arm’s length transferees

—(1) If a taxpayer’s liability has not been satisfied after levy of execution on property known to the Director General, a person who has received assets of the taxpayer in a transaction that is not at arm’s length in the period of one year preceding the date of the levy, is secondarily liable for the tax to the extent of the value of the assets received. (2) Sub-section (1) does not apply to an amount for which a person is liable under section 49.