- 19 - rather than an accurate calculation of the cash rents required thereunder. As a further indication of his report's unreliability, Frazer testified that the adjusted net lease income per acre figures for each of the 8 properties used as comparables were not used to derive an average gross cash rental for the 5 years preceding decedent's death, despite the fact that section 2032A(e)(7)(A) expressly requires this to be done. Rather, Frazer explained that the $15 per acre "Average" used to calculate the special use value of the subject property was an amount based on his "personal knowledge". Frazer stated that "I chose what I thought would be the indicated market rent for what I knew about the whole business, and that's it." Frazer conceded that his report failed to adequately explain the $15 figure. Petitioner attempts to gloss over the report's fundamental flaws by stating that "Based on * * * [Frazer's] knowledge and experience in valuing timberland, the $15 per acre rate was the appropriate valuation rate within this range." However, an amount that Frazer himself termed a "judgment call" does not suffice for purposes of satisfying the stringent terms of section 2032A(e)(7)(A). See Martin v. Commissioner, 783 F.2d at 84. Finally, Frazer testified that he validated his estimate of the cash rental rate for the Cane Mill timberland by reference to the prevailing rental rate for cropland during the relevant period. However, there is no evidence in the record as to howPage: Previous 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Next
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