John T. Talkington and Margaret K. Talkington - Page 33

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                    Land      Sale Date   Size (Acres)     Price Per Acre             
                    TA1       8/85           290.0     $2,000                         
                    TA2       12/92            20.4    5,144                          
                    TA3       4/91            62.0     3,387                          
                    TA4       4/97            31.0     2,063                          
                    TA5       N/A             68.4     2,000                          
                    TA6       N/A            172.5     381                            
          TA1, TA2, and TA3 were completed sales; TA4 was a listing on a              
          property that had been held for sale for 5 years; TA5 and TA6               
          were tax comparables and were not for sale, and the price per               
          acre was based on the assessed value of the land.  Dr. Friedman             
          adjusted the comparables for time, location, size, and the nature           
          of the site.                                                                
               We note that Dr. Friedman, in reaching his conclusion about            
          fair market value, relied on the three sales (TA1, TA2, and TA3)            
          and the property listed for sale (TA4).  He did not rely on the             
          tax comparables (TA5 and TA6).  On this basis, we also shall not            
          rely on the tax comparables in reaching our conclusion as to the            
          fair market value of the parcel of 30.3 acres.                              
               Dr. Friedman's negative adjustment for time was                        
          unreasonable.  There was a slow market for land in the                      
          neighborhood in which the Litton property was located, and since            
          1984 Lubbock had virtually no growth.  We shall not adjust any of           
          the comparables for time in order to determine the value of the             
          parcel of 30.3 acres.                                                       
               TA1 was located closer to the airport than the parcel of               
          30.3 acres, and TA1 had extensive frontage along MLK.  Dr.                  
          Friedman did not adjust TA1 for location because he felt that the           
          parcel of 30.3 acres' frontage on Loop 289 offset TA1's proximity           



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