Valuation Basis 101 – Fair Market Value in Continued Use (“FMVICU”)

Layman’s terms: How much would someone pay for the item, as is, where is.

Definition: The amount of money at which a given property or chattel would change hands between a willing buyer and a willing seller, in an appropriate marketplace, when neither is acting under compulsion and when both have reasonable knowledge of relevant facts, including installation and other turnkey costs and assumes that the earnings support the value reported.

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