________ is the price that a person would pay for an item in an arm's length transaction.

Question

Quizplus · Accepted Answer

Fair Market Value represents the price that a person would pay for an item in an arm's length transaction, where both the buyer and the seller are acting in their own best interest and are knowledgeable about the item. This value is often used in valuation for tax purposes, estate planning, and other financial transactions. The Manufacturer's Suggested Retail Price, De Minimis, and General Valuation may not accurately represent the true value of an item in a fair market transaction.

________ Is the Price That a Person Would Pay for an Item