Punkawalla,
Let's not confuse the matter with the concept of fair market value. Fair market value is the collective perception of all individuals having in interest in the item as to is value or worth. Between Gemini and the elderly gentleman, the concept of fair market value was not in play. One paid the other what the other expected or asked for the TT, and each person's perception of its value is what controlled the transaction. The problem that most folks are doing here is, like you, adding the concept of fair market value into the transaction as a measure of whether or not it was a good deal for each participant in the transaction.
Let's not confuse the matter with the concept of fair market value. Fair market value is the collective perception of all individuals having in interest in the item as to is value or worth. Between Gemini and the elderly gentleman, the concept of fair market value was not in play. One paid the other what the other expected or asked for the TT, and each person's perception of its value is what controlled the transaction. The problem that most folks are doing here is, like you, adding the concept of fair market value into the transaction as a measure of whether or not it was a good deal for each participant in the transaction.