Bank One Corporation - Page 125

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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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