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What is the difference between the Fair Market Value (FMV) and the proceeds?

The FMV for publicly traded securities is determined by multiplying the number of shares contributed by the average of the high and low prices for the day on which the shares are received. It is the figure that is used for tax-deduction purposes. The proceeds are determined by what the securities are sold for, multiplied by the number of shares contributed, then subtracted by any commission (usually 1.2 cents per share). The final amount is deposited into the investment pools and will be available for distribution. This procedure was established to follow the IRS standard.