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Fair market value

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Fair market value(FMV) is a term in both law and accounting that is based on the economics term of "market value." It is also a common basis for assessing damages to be awarded for the loss of or damage to the property, generally in a claim under tort or a contract of insurance.

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This entry includes content from the following Wikipedia article: Fair market value

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This term or phrase is currently an entry in The SmallBusiness.com Business Glossary WIKI. Please help expand this entry into a more detailed description.