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Can an asset's fair market value (FMV) be the value listed on my K-1?

I do not have a fair market valuation/analysis performed annually, so the closest I can get is via the capital account information on the K-1.

The FMV is not the same as the value you see on your K-1. We do not require a full company appraisal or company evaluation to calculate your FMV. However, Choice by KT needs you to provide us with some fair market valuation to the best of your ability on an annual basis.