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(Marrero Land or the Company). We find that the fair market
value of that interest on that date is $4,316,920.
FINDINGS OF FACT
Most of the facts have been stipulated and are so found.
On February 7, 1988 (the valuation date), decedent died
testate at the age of 90. First National Bank of Commerce, the
executor of decedent's estate (executor), had its principal place
of business in New Orleans, Louisiana, at the time the petition
was filed.
At the time of his death, decedent owned, inter alia, an
interest in 166-2/3 shares of stock of Marrero Land. That
interest was represented by voting trust certificate No. one
(voting trust certificate) which was issued and governed by the
Rodgers-Barkley voting trust and which represented as of the
valuation date one-third of the outstanding stock of the Company.
(We shall refer to decedent's voting trust certificate for 166-
2/3 shares of the stock of Marrero Land as decedent's interest in
Marrero Land.)
Marrero Land, which was incorporated under the laws of
Louisiana on December 6, 1904, has been a closely held corpora-
tion engaged principally in the business of acquiring, develop-
ing, managing, improving, maintaining, leasing, and selling real
estate located principally within the greater New Orleans metro-
politan area. Since its incorporation, Marrero Land has been
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