Definition:
The sponsor’s estimate of the value of a specific sweepstakes prize. These estimates depend on factors such as the value of the prize when the sweepstake ends and the location of the recipient. Sweepstakes taxes in the US are only paid on the Fair Market Value (FMV).
The sponsor’s estimate of the value of a specific sweepstakes prize. These estimates depend on factors such as the value of the prize when the sweepstake ends and the location of the recipient. Sweepstakes taxes in the US are only paid on the Fair Market Value (FMV).
Also Known As:
ARV
ARV
Examples:
- We are giving away ten trips with an Approximate Retail Value of $2,500 apiece.
Grand prize: A fully-equipped 2007 Ford Escort (ARV: $17,500)
