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(2) The estate ascertained the value of the decedent's
5-percent interest in Grand Pointe, Inc., by subtracting Grand
Pointe, Inc.'s liabilities of $2,258,664 from its adjusted asset
value of $2,808,192 ($3,285,942 - $477,750) to arrive at $549,528
and then multiplying the balance by .05 to arrive at $27,476.
(3) The estate reduced the $27,476 amount by the 35-percent
discount ascertained by Mr. Stockdale for lack of marketability
and lack of control and rounded the $17,859 balance up to
$18,000.
Apartment Complexes
(1) The estate reduced by $3,310,800 the $22,072,000
aggregate value of the apartment complexes ascertained by the
appraisers ($8,172,000 + $9,190,000 + $4,710,000) to take into
account 15-percent market absorption discounts.
(2) The estate added $243,697 to the adjusted value of
$18,761,200 ($22,072,000 - $3,310,800) to reflect other assets
attributable to the apartment complexes and subtracted
$16,870,944 from the resulting amount to reflect the apartment
complexes' total liabilities.
(3) The $2,133,953 net fair market value of the apartment
complexes ($19,004,897 - $16,870,944), as reported by the estate,
is broken down as follows:
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