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costs for the services of accountants, lawyers, and investment
bankers.
Accordingly, although we recognize the estate shares'
effective control in valuing Peoples equity from operations, we
do not think that a 49.97-percent interest in a small, closely
held bank, is a readily marketable interest. Accordingly, we
apply a 30-percent marketability discount to the fair market
value of the estate shares, and hold that on the valuation date,
the estate shares had a fair market value of $5,757,296
($3,840.76 per share).
To give effect to the concessions of the parties and our
determination of the fair market value of the estate shares,
Decision will be entered
under Rule 155.
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