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

Question

Quizplus · Accepted Answer

Fair Market Value is the price that a person would be willing to pay for an item in an arm's length transaction, and is often used in legal and tax contexts to determine the value of property or assets. It takes into account supply and demand factors, as well as the condition and quality of the item in question. Option A, General valuation, is a more general term and does not necessarily refer to the specific price that someone would pay for an item. Option B, Manufacturer's Suggested Retail Price, is the price that a manufacturer recommends for a product, but it may not reflect the actual price paid by consumers in the market. Option C, De Minimis, is a Latin term that refers to a minimum threshold below which a certain rule or regulation does not apply, and is not related to pricing or valuation.

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