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141 trade and to be well informed about the property and concerning the market for such property.”2 Consistent with Revenue Ruling 59‐60, the International Glossary of Business Valuation Terms (Appendix B, which has been adopted by all of the major business appraisal organizations (American Institute of Certified Public Accountants, the
American Society of Valuators, the Canadian Institute of Chartered Business Valuators, the National Association of
Certified Valuation Analysts, and The Institute of Business Valuators), defines
fair market value as
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