Estate of Ellie B. Williams, Deceased, Robert M. Driggers, Sr., Personal Representative, et al. - Page 27

                                        -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.            






Page:  Previous  17  18  19  20  21  22  23  24  25  26  27  28  29  30  31  32  33  34  35  36  Next

Last modified: May 25, 2011