The fair market value of property is the price at which it would change hands between a willing and informed buyer and seller. The term is used throughout the United States Internal Revenue Code, as well as in bankruptcy laws, in many state laws, and by several regulatory bodies.
The fair market value of property is the price at which it would change hands between a willing and informed buyer and seller. The term is used throughout the United States Internal Revenue Code, as well as in bankruptcy laws, in many state laws, and by several regulatory bodies.
Source: Wikipedia "Fair market value" · CC BY-SA 4.0
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