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type of property, to absorb the remaining unimproved real prop-
erties. As for the wetlands and unrestricted categories of real
property, Mr. Egan estimated that it would have taken five years
for the market to absorb those types of property because of the
large amount of land within those categories that Marrero Land
owned on the valuation date. Mr. Egan allocated the stipulated
value of the remaining unimproved real properties (viz.,
$20,366,470) to the different types of such properties and to the
years over which each of those types of properties would be
absorbed by the market (projected absorption period) in order to
determine the projected gross receipts therefrom. Mr. Egan
projected the costs, such as marketing costs, sales commissions,
overhead and administration, and property taxes, that would be
incurred as a result of sales efforts during the projected
absorption period for each category of the remaining unimproved
real properties. With respect to each year of the applicable
projected absorption period for each such category, Mr. Egan
reduced the projected gross receipts by those projected costs and
projected developer's profit for that year to arrive at Marrero
Land's prospective cash flow before debt service. Mr. Egan then
determined a discount rate of 23 percent for the applicable
projected absorption period for each category of property, which
was supposed to reflect investor risk and market conditions with
respect to each such category. In determining that discount
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