Fair Market Value:
- A price that could be received on the sale of an asset when willing and financially capable buyers and sellers exist and there are no unusual circumstances such as liquidation shortages, or emergencies. It is assumed that both buyer and seller are rational and have a reasonable knowledge of relevant facts.
- A monetary value necessary to replace property with something of similar origin, condition, provenance, quality and age.
- Cash price or other consideration that can be received in in a forced-sale of assets, such as that occurring when a firm is in the process of going out of business. Typically, the liquidation value is less than what could be received from selling assets in the ordinary course of business.
- Business Liquidation