What is the primary difference between notional fair market value and open market price? Question 2 options: Notional fair market value is used for tax purposes, while open market price is used for financial reporting. Notional fair market value is hypothetical and theoretical, while open market price is the actual price that can be observed when a transaction occurs. Notional fair market value and open market price are synonymous terms. Notional fair market value is the highest possible price a willing buyer would pay, while open market price is the average price in the market