Property Valuation
An appraisal for a NJ estate (tax purposes) typically uses which standard of value?
ALiquidation value
BFair market value✓ Correct
CInvestment value
DInsurance value
Explanation
For federal estate tax and NJ inheritance tax purposes, the applicable standard is fair market value: the price at which property would change hands between a hypothetical willing buyer and willing seller, both having reasonable knowledge of the facts.
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