After a hearing on the merits, the trial court found that the sale price was not indicative of the fair market value because the property was not actively marketed. The issue before us is whether market exposure is a necessary element in establishing a bona fide sale. It was an error of law to import the requirement of active marketing into the definition of a bona fide sale. Our statute neither mentions such a requirement explicitly nor suggests it as an implicit element. 145 Vt. at 379, 488 A.2d at 768. We observed that, beyond the requirement of a bona fide sale, the tax statute is not concerned about the reasons either buyer or seller attributed the agreed value to the property. See Royal Parke Corp. v. Town of Essex, 145 Vt. 376, 378-79, 488 A.2d 766, 768 (1985). We must consider, therefore, what makes a sale bona fide. A bona fide sale is one that occurs between a willing buyer and a willing seller, at arms-length, in good faith, and not to rig a fair market.
Taxpayer contacted a real estate broker, who inquired of Tambrands whether the plant was for sale. These inquiries resulted in an initial purchase and sale agreement for the property on October 18, 1996, for 2,000,000.