What is fair market value for a property?
Canada (Federal), Canada
The following excerpt is from The Estate of the Late Horace J.B. Gough v. The Queen, 2004 TCC 756 (CanLII):
The expert report contains the following reference to a definition of fair market value: The highest price, expressed in terms of money or money's worth obtainable in an open and unrestricted market between knowledgeable, informed and prudent parties acting at arm's length, neither party being under any compulsion to transact. Minister of Finance v. Mann Estate, [1972] 5 W.W.R. 23, 27 per McIntyre, J. (B.C.S.C.); affirmed [1973] C.T.C. 561 (B.C.C.A.); affirmed [1974] C.T.C. 222 (S.C.C.).
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