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Theft Crime: Fair Market Value of Loss

Fair market value of loss is a term that refers to the valuation of a market loss within a certain time frame and place. For example, the market value of loss might be estimated for a period of time in New York. Different places and time periods have different currency values. The market value of loss for a modern economy isn’t the same as one you’d find in the 1920s. Fair market value of loss refers to the current value and replacement value of a loss. Should a person be accused of stealing a million dollars, the market value would be one million dollars. To learn more about how fair market value of loss is determined, it’s important to talk to an embezzlement attorney.

Fair market value of loss doesn’t always apply to embezzlement cases. When a person embezzles something, they steal money rather than property. That currency value doesn’t fluctuate due to damage, destruction, or use. Dollars also have the same value across all companies and businesses throughout an area. When fair market value is assigned to embezzlement cases, it comes out to the exact dollar amount stolen. This valuation doesn’t tend to fluctuate based on market conditions.

Determining Loss in Embezzlement

When you’re dealing with embezzlement, you’re typically working with hard money stolen rather than physical property. Other thefts might include the theft of a car or home. When the thing stolen is a tangible piece of property, there’s more leeway when it comes to determining the market value. Since embezzlement deals with dollars, the market value doesn’t change. For this reason, fair market value is often not considered highly relevant to embezzlement cases.

Court Estimation Exclusions

The potential exclusions in cases will vary depending on the area and the circumstances of the case. In New York, courts don’t tend to have many exclusions. You have to pay back the full amount that you stole. Some people might try to strike a deal to pay back the amount they stole minus the amount of money they earned for the company. But most courts won’t accept this kind of deal. Even if you increased the overall company revenue and helped to lower corporate tax liabilities, you still owe the exact amount that you embezzled. When you’re accused of a larceny crime, it is distinctly separate from this kind of benefit analysis.

Employee Performance Impact

When you allegedly defraud a business or corporation, the position you hold within the company becomes relevant to your sentencing. Many companies have multiple corporate positions that handle different responsibilities within the business. The position you hold and the manner in which you completed the theft will affect the charges brought against you. If the theft is ongoing rather than a one-time occurrence, that also has a significant impact on the charges and sentencing.

Another thing the court looks at is the impact of the theft. There will be both direct and indirect impacts to examine regarding how individuals who worked at the company, and the company itself, were affected. It’s important to prepare to answer tough questions and to be transparent with your criminal defense attorney so they’ll be prepared to create a strong defense.

Any crime related to financial fraud might also have sentencing that is affected based on restitution. A person who takes responsibility for their actions and makes a plan to pay back the stolen money will typically receive lighter sentencing. In many cases, one of the biggest priorities is recovering the money that has been stolen. If you show that you are willing to help with this, the court tends to be more lenient. Both district attorneys and judges have a more favorable opinion of people who make significant or complete restitution as quickly as possible.

Christine Twomey
Christine Twomey
2024-03-21
Just had my Divorce case settled 2 months ago after having a horrible experience with another firm. I couldn’t be happier with Claire Banks and Elizabeth Garvey with their outstanding professionalism in doing so with Spodek Law Group. Any time I needed questions answered they were always prompt in doing so with all my uncertainties after 30 yrs of marriage.I feel from the bottom of my heart you will NOT be disappointed with either one. Thanks a million.
Brendan huisman
Brendan huisman
2024-03-18
Alex Zhik contacted me almost immediately when I reached out to Spodek for a consultation and was able to effectively communicate the path forward/consequences of my legal issue. I immediately agreed to hire Alex for his services and did not regret my choice. He was able to cover my case in court (with 1 day notice) and not only was he able to push my case down, he carefully negotiated a dismissal of the charge altogether. I highly recommend Spodek, and more specifically, Alex Zhik for all of your legal issues. Thanks guys!
Guerline Menard
Guerline Menard
2024-03-18
Thanks again Spodek law firm, particularly Esq Claire Banks who stood right there with us up to the finish line. Attached photos taken right outside of the court building and the smile on our faces represented victory, a breath of fresh air and satisfaction. We are very happy that this is over and we can move on with our lives. Thanks Spodek law 🙏🏼🙏🏼🙏🏼🙏🏼🙌🏼❤️
Keisha Parris
Keisha Parris
2024-03-15
Believe every single review here about Alex Z!! From our initial consultation, it was evident that Alex possessed a profound understanding of criminal law and a fierce dedication to his clients rights. Throughout the entirety of my case, Alex exhibited unparalleled professionalism and unwavering commitment. What sets Alex apart is not only his legal expertise but also his genuine compassion for his clients. He took the time to thoroughly explain my case, alleviating any concerns I had along the way. His exact words were “I’m not worried about it”. His unwavering support and guidance were invaluable throughout the entire process. I am immensely grateful for Alex's exceptional legal representation and wholeheartedly recommend his services to anyone in need of a skilled criminal defense attorney. Alex Z is not just a lawyer; he is a beacon of hope for those navigating the complexities of the legal system. If you find yourself in need of a dedicated and competent legal advocate, look no further than Alex Z.
Taïko Beauty
Taïko Beauty
2024-03-15
I don’t know where to start, I can write a novel about this firm, but one thing I will say is that having my best interest was their main priority since the beginning of my case which was back in Winter 2019. Miss Claire Banks, one of the best Attorneys in the firm represented me very well and was very professional, respectful, and truthful. Not once did she leave me in the dark, in fact she presented all options and routes that could possibly be considered for my case and she reinsured me that no matter what I decided to do, her and the team will have my back and that’s exactly what happened. Not only will I be liberated from this case, also, I will enjoy my freedom and continue to be a mother to my first born son and will have no restrictions with accomplishing my goals in life. Now that’s what I call victory!! I thank the Lord, My mother, Claire, and the Spodek team for standing by me and fighting with me. Words can’t describe how grateful I am to have the opportunity to work with this team. I’m very satisfied, very pleased with their performance, their hard work, and their diligence. Thank you team!
Anthony Williams
Anthony Williams
2024-03-12
Hey, how you guys doing? Good afternoon my name is Anthony Williams I just want to give a great shout out to the team of. Spodek law group. It is such a honor to use them and to use their assistance through this whole case from start to finish. They did everything that they said they was gonna do and if it ever comes down to it, if I ever have to use them again, hands-down they will be the first law office at the top of my list, thank you guys so much. It was a pleasure having you guys by my side so if you guys ever need them, do not hesitate to pick up the phone and give them a call.
Loveth Okpedo
Loveth Okpedo
2024-03-12
Very professional, very transparent, over all a great experience
Bee L
Bee L
2024-02-28
Amazing experience with Spodek! Very professional lawyers who take your case seriously. They treated me with respect, were always available, and answered any and all questions. They were able to help me very successfully and removed a huge stress. Highly recommend.
divesh patel
divesh patel
2024-02-24
I can't recommend Alex Zhik and Spodek Law Firm highly enough for their exceptional legal representation and personal mentorship. From the moment I engaged their services in October 2022, Alex took the time to understand my case thoroughly and provided guidance every step of the way. Alex's dedication to my case went above and beyond my expectations. His expertise, attention to detail, and commitment to achieving the best possible outcome were evident throughout the entire process. He took the time to mentor me, ensuring I understood the legal complexities involved to make informed decisions. Alex is the kind of guy you would want to have a beer with and has made a meaningful impact on me. I also want to acknowledge Todd Spodek, the leader of the firm, who played a crucial role in my case. His leadership and support bolstered the efforts of Alex, and his involvement highlighted the firm's commitment to excellence. Thanks to Alex Zhik and Todd Spodek, I achieved the outcome I desired, and I am incredibly grateful for their professionalism, expertise, and genuine care. If you're in need of legal representation, look no further than this outstanding team.

Calculating Property Value After Theft

Sometimes the theft was of physical property rather than cash. In these cases, different steps must be taken to determine the value of the stolen property. You’ll need to get an itemized list of everything that has been stolen. Once you have this, your first step is figuring out how much the property was worth prior to the theft.

According to the IRS, you can calculate your fair market value of loss by researching the fair market value of the property. Market value is the value at which you could theoretically sell the property to a buyer, provided all parties have all the facts. The easiest way to research this is by comparing the prices of similar objects or weighting the value based on the cost of similar items you own.

To value a stolen car, you can use a used car guide. These guides tell you the market value of any make and model of vehicle after a certain number of years or certain amount of mileage.

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