Which attribute is NOT associated with fair market value?

The attribute that is not associated with fair market value pertains to the characteristic of always involving a willing buyer. Fair market value is defined as the price at which property would sell under ordinary conditions, typically where both the buyer and seller are willing participants who are knowledgeable about the relevant facts of the transaction. However, it does not mandate that the buyer must always be "willing" in the sense of actively seeking to purchase; rather, the concept centers on the market conditions and the exchange between parties.

In fair market value assessments, the interplay between a knowledgeable buyer and seller is crucial, and they are assumed to be making informed decisions based on typical market activities. The idea of a willing buyer is more aligned with subjective assessments or specific offers, which may not reflect broader market value determinations.

The concept of fair market value is often extended to both controlling interests and minority interests, which acknowledges the value attributable to varying degrees of ownership in a business. This nuance further clarifies that while the market incorporates willing participants, it predominantly concentrates on the objective market conditions at a given time, rather than the emotional or subjective willingness of individual buyers.