...gross estate generally is its fair market value at the time of the gift or death. Fair market value is the price at which the property would change hands between a willing buyer and willing seller, neither being under any compulsion to buy or sell and both having reasonable...

...hypothetical buyer-seller test has been applied to family member transactions.3 "The fair market value is the price at which the property would change hands...buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts." Section 2036(c)...

...what its purchaser will pay for it." The IRS, in Revenue Ruling 5960, states that fair market value is "the price at which the property would change hands between a willing buyer and willing seller, neither being under any compulsion to buy or to sell and both having reasonable...

...agreeable to all parties. This concept is captured in the following definition of fair market value: The price at which the property would change hands...willing buyer and a willing seller, neither being under a compulsion to buy or sell, and both having reasonable knowledge of relevant facts. USING AN AGGRESSIVE...

...ordinary estate tax valuation rules, which require that property be valued at its fair market value, that is, the price at which the property would change hands between a willing buyer and a willing seller. The maximum reduction in value of qualified real property resulting from...

...and Willing Seller The regulations set out the basic premise for valuation: "The fair market value is the price at which the property would change hands...buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of the relevant facts." (Treas. Reg....

...rights and interests will be taxed.3 The valuation of property for transfer tax purposes is based upon the "price at which the property would change hands...buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts."4 Because of this...

...Northridge Hospital is considering acquiring this practice. Fair market value is defined for this purpose as the price at which the property would change hands...willing buyer and a willing seller, neither being under a compulsion to buy nor sell and both having reasonable knowledge of relevant facts. Author's Insight...

...a gift is the fair market value of the property on the date the gift is made. The fair market value is the price at which the property would change hands between a willing buyer and a willing seller, when neither ls forced to buy or to sell, and when both have reasonable...

...the contribution, subject to certain reductions discussed later. "Fair market value" is defined as "the price at which the property would change hands...neither being under any compulsion to buy or sell." Encumbrances or debts on such property will also affect the value of the contribution and the tax consequences...