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$135,160, and 33.3-percent interest in vacant land valued at
$41,166. The real estate interests owned by Auker Homes, and to
which the estate applied 15-percent market absorption discounts
aggregating $435,346 ($130,603 of which was attributed to
Eldon L. Auker Enterprises after taking into account its
50-percent ownership interest and the 40-percent discount
ascertained by Mr. Stockdale for lack of marketability and lack
of control), were as follows: Commercial rental property valued
at $775,000, commercial rental property valued at $600,000,
commercial rental property valued at $515,000, commercial rental
property valued at $140,000, residential rental properties valued
at $263,930, developed residential lots held for sale valued at
$370,170, and land held for sale valued at $283,200.
(2) The estate ascertained the value of the decedent's
35.08-percent interest in Eldon L. Auker Enterprises by
subtracting Eldon L. Auker Enterprises' liabilities of $797,588
from its adjusted asset value of $3,607,981 ($3,878,544 -
$270,563) and multiplying the balance of $2,810,393 by .3508 to
arrive at $985,886.
(3) The estate reduced the $985,886 amount by the 35-percent
discount ascertained by Mr. Stockdale for lack of marketability
and lack of control and rounded the $640,826 balance up to
$641,000.
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