Midterm Debate-Huan Long

Midterm Debate-Huan Long - Huan Long Cross Examiner...

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Huan Long Cross Examiner 201005051 Debate Topic: “This house believes that only sales at fair market value should be considered valid agreements.” Motion : We are in favor of only sales at fair market value should be considered valid agreements. Fair Market Value : According to Wikipedia, “Fair Market Value (FMV) is an estimate of the market value of a property, based on what a knowledgeable, willing, and unpressured buyer would probably pay to a knowledgeable, willing, and unpressured seller in the market.” The Investopedia explained fair market value as “the price that a given property or asset would fetch in the marketplace, subject to the following conditions: 1. Prospective buyers and sellers are reasonably knowledgeable about the asset; they are behaving in their own best interests and are free of undue pressure to trade. 2. A reasonable time period is given for the transaction to be completed. Given these conditions, an asset’s fair market value should represent an accurate valuation or assessment of its worth.” As defined by the IRS, “fair market value (FMV) is the price for which you could sell your property to a willing buyer when neither of you has to sell or buy and both of you know all the relevant facts.” Therefore, there are three key points about fair market value.
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This note was uploaded on 11/22/2011 for the course BUS 401 taught by Professor Terrywilson during the Spring '11 term at Solano Community College.

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Midterm Debate-Huan Long - Huan Long Cross Examiner...

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