Jane O. Kosman - Page 33

                                                 - 33 -                                                   

            by merger, which is a significant change in conditions.  Thus,                                
            respondent's experts’ estimate is too high.  We conclude that the                             
            fair market value of Kosman, Inc.'s Western National Bank stock                               
            was $120,000 ($60 per share) on September 30, 1986.  See Webster                              
            Investors, Inc. v. Commissioner, 291 F.2d 192, 194 (2d Cir.                                   
            1961), affg. T.C. Memo. 1960-74.                                                              
            4.    Value of Kosman, Inc.’s Voting and Nonvoting Stock Before                               
                  Discounts                                                                               
                  a.    Value of Kosman, Inc.'s Scottsbluff National Corp. and                            
                        Western National Bank Stock                                                       
                  Petitioner's and respondent's experts' opinions and our                                 
            holding as to the value of Kosman, Inc.'s Scottsbluff National                                
            Corp. and Western National Bank stock on September 30, 1986, and                              
            March 31, 1987, are as follows:                                                               

Page:  Previous  19  20  21  22  23  24  25  26  27  28  29  30  31  32  33  34  35  36  37  38  Next