Estate of Lynn M. Rodgers, deceased, First National Bank of Commerce, Executor - Page 31




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          unimproved real properties.  According to Mr. Guice, the com-               
          parable sales method is the preferred method of valuing real                
          estate, and that method was used in arriving at the stipulated              
          value as of the valuation date (i.e., $20,366,470) of the re-               
          maining unimproved real properties.  Consequently, in Mr. Guice's           
          opinion, that stipulated value is the aggregate fair market value           
          on that date of those properties.                                           
               Mr. Guice's approach to determining the fair market value of           
          each of the remaining unimproved real properties appears to be              
          inconsistent with his approach to determining the fair market               
          value of each of the other unimproved real properties that                  
          Marrero Land owned on the valuation date.  With respect to the              
          remaining unimproved real properties, the fair market values of             
          which are in dispute, Mr. Guice did not apply an absorption                 
          discount; with respect to the other unimproved real properties,             
          the fair market values of which the parties have stipulated, Mr.            
          Guice used a discounted cash-flow analysis which included an                
          absorption discount.  In an attempt to explain the apparent                 
          inconsistency in his approaches, Mr. Guice stated in his expert             
          report:                                                                     
               (1) The properties in question ($20,366,470) consist of                
               varying size lots and parcels of ground (varying from a                
               few thousand square feet up to � 13 acres) both with                   
               and without building improvements.                                     








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