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A home's fair market value is, in a nutshell, the price that a buyer would pay a seller in an open market. Many factors go into determining it, including location, size, age, condition and the ...
The fair market value is the price at which property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts. United States v. Cartwright, 411 U. S. 546, 93 S. Ct. 1713, 1716-17, 36 L. Ed. 2d 528, 73-1 U.S. Tax Cas.
Market value. Market value or OMV ( Open Market Valuation) is the price at which an asset would trade in a competitive auction setting. Market value is often used interchangeably with open market value, fair value or fair market value, although these terms have distinct definitions in different standards, and differ in some circumstances.
v. t. e. Mark-to-market ( MTM or M2M) or fair value accounting is accounting for the "fair value" of an asset or liability based on the current market price, or the price for similar assets and liabilities, or based on another objectively assessed "fair" value. [1] Fair value accounting has been a part of Generally Accepted Accounting ...
Fair market value is the price a business, property or other asset would sell for in an open and competitive market where buyer and seller have adequate information of relevant facts, a reasonable ...
The gain is based on the difference between the final sale price and the cost basis of the property, typically the fair market value of the home on the day the decedent died.