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What is fair market value and how is it calculated?

April 26, 2017calculated fair market value

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What is fair market value and how is it calculated?

1 Answer

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10 Posted

If sales or purchases are under or over invoiced, the department can subject the same to a fair market value assessment of the consideration to account for or for computing the input or output tax liability. It shall be recomputed on an arm’s length principle.