The most widely recognized and accepted standard of value is fair market value. Fair market value is the standard that applies to all federal and state tax matters. It is also the legal standard of value in many other valuation situations.
Internal Revenue Service Revenue Ruling 59-60 defines fair market value as the cash price at which property would change hands between a willing buyer and a willing seller, when the former is not under any compulsion to buy and the latter is not under any compulsion to sell, both parties having reasonable knowledge of the relevant facts.
All of the valuations prepared by J & M Asset Management, Ltd. are prepared in accordance with the standards, guidelines, methods and procedures outlined in Revenue Ruling 59-60. Our valuation reports are thorough, well documented, and supported by financial statements and exhibits.