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(1987) earnings. However, he gave the greatest weight to the
indicated value based on the latest year (1987) earnings. Given
the economic conditions extant in 1987 relative to 1985 and 1986,
we agree with Mr. Stryker's judgment to give the greatest weight
to 1987 earnings in determining indicated value using the price-
to-earnings ratios method.
Respondent claims that Mr. Chaffe did not use, but should
have used, the net asset value approach in valuing decedent's
interest in Marrero Land. While respondent is correct that Mr.
Chaffe did not use the net asset value approach, Mr. Chaffe did
place very substantial weight on Marrero Land's net asset value
in his market approach using REIT's. Mr. Chaffe placed the
greatest weight on that approach in determining the aggregate "as
if traded" value of the common stock in minority blocks of
Marrero Land as of the valuation date, to which he applied
discounts for nonvoting stock and lack of marketability in order
to arrive at the fair market value of decedent's interest in
Marrero Land on that date.
On the record before us, we are satisfied with the respec-
tive valuation analyses of Mr. Stryker and Mr. Chaffe in deter-
mining the fair market value of decedent's interest in Marrero
Land on the valuation date.22 However, each of those respective
22We have considered all of the arguments of respondent
(continued...)
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