Fair market value.

Fair market value. The amount at which property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of the relevant facts. Fair market value is the price in cash, or its equivalent, for which the property would have been sold on the open market.

Source

40 CFR § 35.6015

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Scoping language

As used in this subpart, the following words and terms shall have the following meanings:

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