Posted 12-17-09

Page 36 and 37: At the bottom of page 36 replace the first and second paragraphs under the section entitled "Fair Market Value". The second paragraph continues at the top of page 37. Replace these two short paragraphs with the below paragraph.

Fair market value is often confused with market value. The stumbling block is normally in regards to the issue of title transfer. Market value requires the transfer of sold property to the new owner as of a specified date. Fair market value, on the other hand, assumes that the item is not sold, but rather that ownership is retained. Fair market value is used, as an example, by the IRS to substantiate tax deductions for noncash charitable contributions or as a basis on which to levy estate taxes on property in the decedent’s estate that is bequeathed and not sold.