### Question
What is the definition of fair market value?


### Answer
The definition of **fair market value** is as follows in *43 U.S.C. § 1331*:

> the value of any mineral (1) computed at a unit price equivalent to the average unit price at which such mineral was sold pursuant to a lease during the period for which any royalty or net profit share is accrued or reserved to the United States pursuant to such lease, or (2) if there were no such sales, or if the Secretary finds that there were an insufficient number of such sales to equitably determine such value, computed at the average unit price at which such mineral was sold pursuant to other leases in the same region of the outer Continental Shelf during such period, or (3) if there were no sales of such mineral from such region during such period, or if the Secretary finds that there are an insufficient number of such sales to equitably determine such value, at an appropriate price determined by the Secretary

#### Citation:
  - *43 U.S.C. § 1331*
  - Heading: **CHAPTER 29-SUBMERGED LANDS > SUBCHAPTER III-OUTER CONTINENTAL SHELF LANDS**

