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
_______________________________________________________________ MA
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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