The price the property could be sold for in an arm’s length transaction between unrelated parties.

– Normal selling price, net of volume or trade discounts, for a lessor who is a manufacturer or dealer.
– Cost, net of volume or trade discounts for a lessor that is not a manufacturer or dealer (if the item has been held for a significant period, fair value is determined in light of prevailing market conditions). Thus, fair value may be greater or less than the cost or carrying amount of the property.