Certified Valuation Analyst (CVA) Practice Exam 2026 – Your All-in-One Guide to Exam Success!

Revenue Procedures do not explicitly define fair market value; instead, they provide guidance on how the IRS will interpret and apply certain tax laws and regulations. Fair market value is generally understood as the price that property would sell for on the open market, under normal conditions, between a willing buyer and a willing seller.

The concept of fair market value is more broadly established in tax law and financial reporting standards rather than being strictly outlined in Revenue Procedures. While Revenue Procedures may discuss how to approach fair market value in specific contexts, they do not serve as the definitive source for its definition. Therefore, the answer is accurately marked as false.