-27-
Georgia-Pacific bought the Hall property for its peat deposits
and clearly supports petitioners' contention that the peat
deposits raised the property's sale price.
We believe Moses understated the volume, and thus the value,
of the timber on the Clay County property that decedent
transferred to petitioner in April 1983. He subtracted 9 years'
growth from the volume of the timber on the property in December
1992. He erroneously assumed that no timber had been cut from
the property in those 9 years. Petitioner testified that he
harvested timber from the property from 1983 until decedent died
in July 1992; however, the record does not show how much timber
petitioner harvested during those years.
Both Elmore and Moses used as a comparable sale decedent's
and petitioner's 1986 sale of 329.26 acres of the Clay County
property for $911 per acre.6
We believe that the 1986 sale price received by decedent and
petitioner for the Clay County parcel ($911 per acre) supports
some increase in Moses' estimated per acre value of the Clay
County property. However, the 329 acres of Clay County property
were more valuable per acre than the Clay County property
decedent transferred to petitioner in 1983. The 329-acre parcel
6 Both parties' experts used this post-valuation date sale
as a comparable sale. The parties agree that it is relevant in
valuing the Clay County property in 1983 when decedent
transferred the undivided one-half interest in it to petitioner.
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