When the IRS defines value as The amount at which property w

When the IRS defines value as \"The amount at which property would change hands between a willing seller and a willing buyer when neither is acting under compulsion and when both have knowledge of the relevant facts\" it is referring to the concept of \"fair market value.\"

a. True

b. False

Please give answer with detail explanation

Solution

Answer

a ) true

the property is change hands between a willing seller and willing buyer neither is acting under

compulsion to buy or sell and both having reasonable knowledge of the relevant fact