- 35 - 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.Page: Previous 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 Next
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