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OPINION......................................................159
I. Overview.........................................159
II. Does Section 475 Involve a Method of Accounting?.162
A. Overview.......................................162
B. Identification of a Method of Accounting.......164
III. Burden of Proof..................................169
IV. Tax Accounting for Methods of Accounting.........172
V. FNBC’s Mark-to-Market Book Method................179
A. Mark-to-Market Method Acceptable for Section
475............................................179
1. Acceptable in Theory......................180
2. Acceptable In Practice....................183
a. Market Valuation of Inventories......183
b. Comprehensive Mark-to-Market
Accounting...........................184
B. Standard of the Mark-to-Market Method Is Not
Reasonableness.................................189
VI. Application of Fair Market Value.................198
A. Overview.......................................198
B. History of the Term “Fair Market Value”........200
C. Determination of Fair Market Value.............204
1. Market Approach...........................205
2. Income Approach...........................205
3. Asset-Based Approach......................206
D. Fair Market Value Compared With Fair Value.....206
1. Meaning of the Term “Fair Value”..........206
a. GAAP Purposes........................206
b. State Law Purposes...................206
2. Difference Between Fair Market Value and
Fair Value................................207
3. Conclusion................................211
VII. Property To Be Valued............................211
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Last modified: May 25, 2011