- 41 - and full consideration for the CamVic stock includable in decedent's estate. First, we note that during his testimony, Mr. Kimmel himself corrected a number of errors in his report. For instance, Mr. Kimmel's report listed the value of the Lakeview apartments under the income approach--Mr. Kimmel's preferred approach--at $290,000 as of the time of the 1981 Revised Agreement. At trial, Mr. Kimmel testified that he received information subsequent to submission of his report which caused him to increase his income approach valuation of Lakeview to $340,000.30 Mr. Kimmel's report also stated that the income approach value of Victory Tower as of April 30, 1981, was $825,000; however, at trial, Mr. Kimmel testified that he had relied upon "suspect" data in the original report and that he had changed his valuation under the income approach to $840,000, the valuation determined by respondent. Mr. Kimmel's report applied a liquidity discount in his cost approach valuation of CamVic and its subsidiaries CamRon and Ferguson for both 1975 and 1981. Mr. Kimmel testified that this was erroneous, as the discount should have been applied at CamVic's level only. In his report, Mr. Kimmel valued CamVic using the cost approach at $6,925 per share in 1975 and $16,424 per share for 1981. At trial, Mr. Kimmel increased his valuations under the cost approach to $7,439 per share and $17,876 per share for 1975 and 1981, respectively. At the trial, Mr. Kimmel 30Mr. Kimmel's final estimate of value for this property was $325,000.Page: Previous 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 Next
Last modified: May 25, 2011