Pabst Brewing Company - Page 35

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               Second, we are disturbed by Weinberg's lack of regard for              
          comparable sales.  According to Weinberg, the brewing industry              
          generally does not lend itself to a valuation by comparable sales           
          because potential buyers change so rapidly in the industry.                 
          Weinberg testified that it was impossible for him to find sales             
          of property comparable to the subject property because he                   
          considers a sale comparable only when the breweries are                     
          technically identical, the transactions occur during the same               
          time period, and the potential purchasers are the same.  We do              
          not agree.  Although it is true that the date of a sale should be           
          relatively close in time to a valuation date in order to be                 
          meaningful, we are unpersuaded that the brewing industry does not           
          lend itself to one of the most accurate forms of valuation (i.e.,           
          comparable sales).  After carefully reviewing the sales of                  
          breweries that Tonna referenced as comparable to the breweries in           
          this case, we believe that some of these sales might have been              
          useful to our decision had they been properly developed.                    
               Third, we are disturbed by the fact that Weinberg did not              
          actually appraise or value the assets at issue.  Instead, he                
          analyzed a combination of the assets as a potential profit                  
          opportunity.  When viewed against all evidence in the record,               
          including the reports of the other experts, we find his analysis            
          unpersuasive in establishing the fair market value of any of the            
          assets for Federal income tax purposes.  We find that his                   
          conclusions on the values of the subject assets are too high.               

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