Determining Fair Market Value



CONNECTICUT DEPARTMENT OF INCOME MAINTENANCE

UNIFORM POLICY MANUAL

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Date: 7-1-97 Transmittal: UP-97-19 P-3025.20

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Section: Type:

Technical Eligibility Requirements PROCEDURES

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Chapter: Program:

Transfer of Assets AABD

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Subject:

Determining Fair Market Value

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P-3025.20 1. To determine fair market value of an asset, use sources such as, but not limited to:

( NADA "blue" book of trade-in values for automobiles;

( real estate conveyance records;

( marketing appraisals;

( bank records;

( passbooks;

( records of stock transactions;

( property appraisals performed by the Department;

( tax assessment records.

2. Consider reducing fair value to the amount received as compensation if:

( circumstances at the time of the transfer prevented getting a better price for the asset; and

( the transferor made a bona fide effort to get the best price possible; and

( all reasonable means were used to market the asset; and

( the transferee was not an individual interested in the transferor's welfare.

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