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You can look on the internet to find the fair market value for trucks and other vehicles. You can also pick up a book listing the Fair market value in a store. Usually these are free.
$80,000
Fair Market Value
Property Transfer Tax RatesThe amount of tax due depends on the fair market value of the property that is transferred:If the fair market value is $200,000 or less, the tax is 1% of the fairmarketvalue.If the fair market value is greater than $200,000, the tax is 1% of the fairmarket value up to $200,000, plus 2% on the portion of the fair market value that is greater than $200,000.For example:if fair market value of property is $150,000tax payable is: 1% of $150,000 = $1,500if fair market value of property is $250,000 tax payable is: 1% of $200,000 = $2,000 plus 2% of $50,000 = $1,000 for total tax payable of $3,000
FAIR MARKET VALUE ABOUT $2-$3 . fAIR RETAIL ABOUT $5
You will first need to determine the fair market value of the donated inventory. Once that is figured, you will debit donations and credit revenue.
The appraised value is supposed to arrive at fair market value. Remember that property owned by a decedent gets a new basis, which is equal to the value as of the date of death. When a buyer purchases the property for its value, there is no capital gain or loss. If the buyer pays less than fair market value, then you can simply allocate the difference between FMV and the purchase price to the buyer's share of the estate.
Book value is the value of asset shown in financial statements while fair value is the value at which asset can be sold in market
The fair market value is the price of a property that may be sold and bought. It assumes both buyer and seller know everything about the property.
I think you mean "Mark to Market" which is an accounting technique in which assets are valued at their current market value and not a previous value or future value. Mark to Market is also known as "Fair Value" accounting.
fair market value
check out bluebook.com