Appraisals By Chuilli

Specializing in divorce-settlement appraisals that stand up in court!

Serving all of Wisconsin and the Upper Pennisula



Value Definitions




Domestic Value (US Customs Term)

The price at which or such or similar property is freely offered for sale at the time and place of appraisement, in the same quantity or quantities as seized, and in the ordinary course of trade.



Fair Market Value (IRS Donations):

The price at which a property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of relevant facts.



Fair Market Value (IRS Estate Tax Liability):

The price at which the property would change hands between a willing buyer and willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of relevant facts. The fair market value of a particular item of property includible in the decedent's gross estate is not to be determined by a forced sale price. Nor is fair market value
of an item of property to be determined by the sale price of the item in a market other than that in which such an item is most commonly sold to the public, taking into account location of the item wherever appropriate. Thus, in the case of an item of property includable in the decedent's gross estate, which is generally obtained by the public in the retail market, the fair market value of such an item of property is the price at which the item or comparable item would be sold at retail.



Fair Market Value (IRS Gift Tax Liability):

The value of the property is the price at which such property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell, and both having reasonable knowledge of relevant facts. The value of a particular item of property is not the price that a forced sale of the property would produce. Nor is the fair market value
of an item of property the sale price in a market other than in which such item is most commonly sold to the public, taking into account the location of the item wherever appropriate. Thus, in the case of an item of property made the subject of a gift, which is generally obtained by the public in the retail market, the fair market value of such an item of property is the price at which the item or comparable item would be sold at retail.


Note: The above definitions of fair market value are federal definitions. None of them are the correct or appropriate fair market value definitions to be used in dissolution of marriage appraisals.



Orderly Liquidation Value:

The most probable amount which the assets could realize if sold in an orderly and properly advertised manner either through an auction or a negotiated sale and allowing a reasonable amount of time in which to complete the transaction.
(Usually 3-6 months) Note: this is a gross amount before any expenses such as commissions, advertising and any other expenses involved with the liquidation) It is assumed that the sellers are not under duress to act.



Forced Liquidation Value:

The most probable amount an item would realize if sold, by a seller who, because of a sense of immediacy, is under compulsion to exchange the property for cash. The sale takes place with a minimal marketing effort and in a restricted amount of time. Note: this is a gross amount before any expenses such as commissions, advertising and any other expenses involved with the liquidation. It is assumed that the seller is under duress.



Replacement Value (Comparable):

The total amount of money necessary to replace an item of similar like, kind, age, and utility within a reasonable amount of time from the marketplace in which the most sales occur. Note: this would include additional costs such as sales tax, shipping etc. Consideration must be taken into account where the client customarily shops.



Replacement Value (New):

The amount of money necessary to obtain a brand new substitute property that would provide the same usefulness as the subject property.



Salvage Value:

The amount that can probably be obtained from a damaged item or for the components of a damaged item.



Scrap Value:

The amount that would probably be obtained for a property that was being broke up to obtain materials.








Appraisals By Chuilli ♦ 403 S. Mission Street ♦ Wittenberg, WI 54499 ♦ 715-297-2457