________ proposes a "hypothetical" sale price for cash.This hypothetical sale takes place in an open and unrestricted marketplace.

Question

Quizplus · Accepted Answer

Fair market value is the most appropriate choice as it refers to the price that an item would fetch in an open and unrestricted market between a willing buyer and a willing seller, without any compulsion to buy or sell. It takes into account various factors such as the condition of the item, its desirability, and the current market trends. On the other hand, book value, present value, and historical value do not necessarily reflect the true worth of an item in the current market scenario.

________ Proposes a "Hypothetical" Sale Price for Cash