The recently introduced independent fluctuating two-ray (IFTR) fading model, consisting of two specular components fluctuating independently plus a diffuse component, has proven to provide an excellent fit to different wireless environments, including the millimeter-wave band. However, the original formulations of the probability density function (PDF) and cumulative distribution function (CDF) of this model are not applicable to all possible values of its defining parameters, and are given in terms of multifold generalized hypergeometric functions, which prevents their widespread use for the derivation of performance metric expressions. A new formulation of the IFTR model is here presented as a countable mixture of Gamma distributions which greatly facilitates the performance evaluation for this model in terms of the metrics already known for the much simpler and widely used Nakagami-m fading, and is shown to provide a better fit to empirical measurements than the original formulation. Additionally, a closed-form expression is presented for the generalized moment generating function (GMGF), which permits to readily obtain all the moments of the distribution of the model, as well as several relevant performance metrics. Based on these new derivations, performance results are presented for the IFTR model considering different metrics, which are verified by Monte Carlo simulations.