When you win merchandise or products rather than cash, reporting the fair market value of the items can force you to sell them to pay your tax.

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The fair value of any investment is its future cash flow discounted for risk.

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They use a classic discounted cash flow model to arrive at that fair value.

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As an aside, if the S corporation or partnership has multiple trades or businesses, the regulations further provide that the goodwill must be allocated to each trade or business based on the relative fair market value of the property (other than cash) in each trade or business.

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Fund managers figure AsiaOne is selling for 65% or so above fair market value because it is backed by the huge, cash-rich, newspaper monopoly, the SPH Group.

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Callahan and comanager Robert Straus start their work by performing a discounted cash flow analysis on all the stocks in their universe to find a stock's fair value.

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This is as investor I will know that if I have a personal cash shortage I will be able to sell out to another investor for something close to fair-value with a relatively short waiting time.

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