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Open Market Fair Saturday, August 25 & Sunday, August 26, 2018 10am 5pm Setup: 7:30am 9:30am MUST be set up by 10 am; no exceptions Outdoors at the Lake Wallenpaupack Visitors Center; held rain or
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Open market fair refers to a mechanism for evaluating and ensuring that transactions between related parties are conducted at market value, providing a level playing field and preventing manipulation of financial results.
Entities engaged in transactions with related parties, such as corporations and their affiliates, are typically required to file open market fair.
Open market fair forms should be completed by providing details of the transactions, related parties involved, pricing methodologies, and supporting documentation that demonstrates compliance with market value requirements.
The purpose of open market fair is to ensure transparency, compliance with tax regulations, and to maintain fair pricing practices in transactions involving related entities.
Information that must be reported includes the names of the related parties, description of the transactions, pricing methods used, and any relevant market data to justify pricing.
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