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regardless of the fact that one was being used in its highest and
best use while the other was not being used at all.
In summary, the primarily judicially developed standards as
to fair market value are: (1) The buyer and the seller are a
willing buyer and a willing seller; (2) neither the willing buyer
nor the willing seller is under a compulsion to buy or to sell
the item in question; (3) the willing buyer and the willing
seller are both hypothetical persons; (4) the hypothetical
willing buyer and the hypothetical willing seller are both
reasonably aware of all relevant facts involving the item in
question; (5) the item in question is valued at its highest and
best use; and (6) the item in question is valued without regard
to events occurring after the valuation date to the extent that
those subsequent events were not reasonably foreseeable on the
date of valuation.
C. Determination of Fair Market Value
A determination of fair market value is a factual inquiry in
which the trier of fact must weigh all relevant evidence of value
and draw appropriate inferences. Commissioner v. Scottish Am.
Inv. Co., 323 U.S. 119, 123-125 (1944); Helvering v. Natl.
Grocery Co., 304 U.S. 282, 294 (1938); Symington v. Commissioner,
87 T.C. 892, 896 (1986). Generally, three approaches are used to
determine the fair market value of property consistent with the
judicially espoused standards. These approaches are: (1) The
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