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Under the public market multiples approach, Mr. Moore
applied a 30-percent real estate company discount to the ag-
gregate value of the unimproved real properties owned by Marrero
Land on the valuation date. He determined that value by using,
inter alia, Mr. Guice's determination of the aggregate fair
market value of the remaining unimproved real properties as of
that date. Application by Mr. Moore of a 30-percent real estate
company discount to the value of unimproved real properties owned
by Marrero Land on the valuation date resulted in what Mr. Moore
described as the implied public market capitalization of the
Company's unimproved real properties. Mr. Moore then capitalized
the earnings, book value, and dividends, respectively, of Marrero
Land to arrive at what he referred to as the implied public
market capitalization of the Company's income-producing prop-
erties using each of those factors. He then added the implied
public market capitalization of the unimproved real properties
owned by Marrero Land as of the valuation date to the implied
public market capitalizations of its income-producing properties
determined by using earnings, book value, and dividends, re-
spectively, which resulted in what he characterized as the
implied market capitalization of Marrero Land using each of those
factors. He determined what he described as the respective
implied public market values of decedent's interest in Marrero
Land as of the valuation date using earnings, book value, and
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