Treasury regulation 20.203.1-1(b)
"The fair market value is the price at which the 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 relevant facts.... is not to be determined by a forced sale price."
The price at which a company that manufactures or distributes gems or jewelry will supply items to a retail establishment for resale.
This represents the average cost of replacing one item, not on a volume purchase, but on a single item bases in the average jewelry store. Not reflecting an artificial retail asking price.
The individual's ability to quickly translate the item into dollars, without regard for maximizing the return. A function of need and circumstance.
Any object at any given time has several values that fluctuate with the type of appraisal required. These are the-, basic types of appraisal value.
The client has pre-selected the value term applied to. This appraisal for their purpose. The intent and function of appraisals vary with the specific needs. If ownership of the item changes, it should be understood that moving from one market to another could alter the value and that the appraiser assumes no liability of any kind or nature.
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