What is Fair Market Value (FMV)
60 views | Last modified 6/28/2020 10:43:03 AM EST | Added by ExpressTaxExempt Team

Fair market value (FMV) s typically the current price an asset or a property could be sold in the open market.

For instance, an organization holds a charity dinner at $500 per person for the meal. The actual price of the item is $200. What happens here is that the person purchasing the dinner for $200, and is contributing $300. Now, the fair market value here is $200 which happens to be the actual/current price of the item. 

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