TeachMeFinance.com - explain fair market value
market value --the hypothetical price that a willing buyer and
seller will agree upon when they are acting freely, carefully, and
with complete knowledge of the situation.
Fair Market Value -- What a qualified buyer will pay for goods, services, or property.
fair market value -- the price at which property would be transferred from a willing seller to a willing buyer, each of whom has a reasonable knowledge of all pertinent facts concerning the property in question and similar properties on the market, and neither is under any compulsion to buy or sell. Most accountants consider fair market value to be slang for market value.
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