R 4.508 How to determine fair market value.

Rule 8. (1) Fair market value must be determined on the basis of market prices on the day that the exchange is made. Price fluctuations that occur before or after the date of exchange do not impact the fair market value determination. (2) The primary market must be used to determine the fair market value in all instances where the item or service is available on the primary market. If the item or service is not available on the primary market, the price available to the public on the secondary market must be used to value the item or service. (3) The price available to the general public for the same item or service must be used as the fair market value. (4) When the exact same item or service is not available on the primary or secondary market for purchase by the general public, the price of an item or service of similar type, quality, age, and quantity, to the extent each factor is relevant, determines the fair market value.