The consideration received for a motor vehicle subject to the tax imposed by Section 3-1001 valued in money, whether received in money or otherwise, including cash, credits, service, or property. In the case of gifts or transfers without reasonable consideration, "selling price" shall be deemed to be the fair market value as determined by the Department of Revenue.
625 ILCS 5/1-186.5
Selling price
Known as the Illinois Vehicle Code. Portions of this Act
The act spans §§ 625-5-1-100 to 625-5-2-130 (368 sections).
P.A. 90-89, eff. 1-1-98.
Official source: Illinois General Assembly. Reproduced from public-domain Illinois statutes; confirm against the official source for the current text. Not legal advice.