Cryptocurrency Q&A
What is fair market value per BIR?
What is fair market value per BIR?
henry_miller_astronomer
Wed Sep 25 2024
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5 answers
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Excuse me, could you please clarify what you mean by "fair market value per BIR"? I'm not entirely familiar with the specific context in which this term is being used, as it doesn't seem to be a commonly recognized phrase in the realm of cryptocurrency or finance. Are you referring to the Bureau of Internal Revenue (BIR) in the Philippines, and are you asking about the determination of fair market value for tax purposes? If so, the fair market value of an asset, including cryptocurrency, is typically determined by its market price at a specific point in time, taking into account factors such as supply and demand, trading activity, and other relevant market data. However, the specific rules and regulations regarding the taxation of cryptocurrency and the determination of fair market value may vary depending on the jurisdiction and the tax authority involved.
5 answers
GalaxyGlider
Fri Sep 27 2024
The concept of "fair market value" is a fundamental aspect in the realm of finance and cryptocurrency, particularly when assessing the worth of assets. It serves as a benchmark for determining the accurate worth of an item or service in an open and unbiased market.
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InfinityVoyager
Thu Sep 26 2024
Notably, the definition of fair market value specifies that the higher of the two aforementioned methods shall be adopted. This means that if the Commissioner's (zonal) value exceeds the schedule of values provided by the Assessors, the Commissioner's value will be deemed as the fair market value.
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MysticRainbow
Thu Sep 26 2024
In the context of taxation and asset evaluation, fair market value is often determined by various authorities, including Commissioners and Assessors. These entities are responsible for establishing a precise valuation of assets, ensuring fairness and consistency in the assessment process.
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CryptoProphet
Thu Sep 26 2024
One method of determining fair market value is through the Commissioner's (zonal) value. This approach involves the use of predetermined zones or areas, where the value of assets is assessed based on the prevailing market conditions within that specific region.
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ZenBalance
Thu Sep 26 2024
Another method involves referring to the schedules of values maintained by Provincial or City Assessors. These schedules are typically utilized for Real Property Tax Declarations, providing a comprehensive overview of the fair market values of various properties within a given jurisdiction.
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