Fair market value is derived from the normal selling price of an item in an arms length transaction between a willing buyer and seller without any pressure to force the quick sale.
An example of fair market value is when Joe buys an antique sign from Fred’s Antique Store and pays the price that Fred normally would sell the item for. If Joe goes to Toms used car lot and negotiates a price for a car that is in line with all of the other similar cars he had priced given that Tom was in no particular hurry to sell the car, the price would be considered fair market value.
Typically, fair market value is the approach used for valuing IRS, estate, gift and bulk sale transactions .
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