Definitions for letter F (Business)

Fair market value (FMV)

Generally, it is the highest dollar value that you can get for your property in an open market from an informed and willing buyer and an informed and willing seller who are dealing at arm's length with each other. Go to Arm's length transaction.

Fiscal period

This is generally the twelve-month period for reporting income earning activities. The fiscal period may or may not match the calendar year. The business usually sets its fiscal period when it files its first income tax return. For more information, go to Tax year.

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