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Market Value

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Market value is the concept of how much something—a business, a piece of property, or anything of value—is presently worth under relatively free conditions of exchange. For tax and legal purposes, the standard definition of market value, or so-called fair market value (FMV), was articulated in the IRS Revenue Ruling 59-60, where it is equated with the price paid for a given property under the construct of a willing buyer and willing seller, both with full knowledge of pertinent facts, and neither being under a compulsion to act.

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Copyright © 2011 Advameg, Inc.