p. 637 Fair market value: the price expressed in terms of cash equivalents, at which a property (asset) would change hands between a hypothetical willing and able buyer and seller, acting “at arm’s length?” what does “at arms length” mean?
i’m assuming it implies without commission, transport costs etc. the price that two capable individuals would agree on
Seller and buyer have negotiated a price where neither of the parties were coerced to undertake the transaction.