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fair market value |
Also found in: Dictionary/thesaurus, Legal, Acronyms, Encyclopedia, Wikipedia, Hutchinson | 0.01 sec. |
Fair Market Value A subjective estimate of what a willing buyer would pay a willing seller for a given asset, assuming both have a reasonable knowledge of the asset's worth. Fair market value is important in both law and accounting. In the former, it is often used in assessing damages as the result of a lawsuit. In the latter, determining the fair market value of an asset (e.g. after depreciation) is important to determining the amount of tax owed on it. Fair market value. Fair market value is the price you would have to pay to buy a particular asset or service on the open market. The concept of fair market value assumes that both buyer and seller are reasonably well informed of market conditions. It also assumes that neither is under undue pressure to buy or sell, and that neither intends to defraud the other. fair market value The amount that a willing buyer would pay a willing seller for property after reasonable exposure to the marketplace. Fair Market Value (FMV) The amount at which property would change hands between a willing buyer and a willing seller, neither being under compulsion to buy or sell and both having reasonable knowledge of the relevant facts. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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Thus protected, the LLC successfully sold the property at fair market value after agreeing to assign the insurance policy to the new owner. A taxpayer may deduct the fair market value of an auto if the charity intends to make "significant intervening use of or "material improvement to" the car. You will need to find the fair market value of the home and the farmland—both their actual value and rental value. |
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