IC 89-3 "Policy Statement on Business Equity Valuations"

3. (a) Fair market value is the highest price, expressed in terms of money or money's worth, obtainable in an open and unrestricted market between knowledgeable, informed and prudent parties acting at arm's length, neither party being under any compulsion to transact.

Discussion of the circumstances in which a buy-sell agreement will be considered determinative of value for purposes of s. 70(5).