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Discussion
The estate contends that the combined value of MVN and MVS
is $13,375,000 (MVN, $8,375,000 and MVS, $5,000,000). On the
basis of those values and the stipulated value of VIC's other
assets, the estate contends that Mr. Borgatello's 1,037 shares of
VIC stock are worth $7,542,101. Respondent contends that the
combined value of MVN and MVS is $15,799,000 (MVN, $9,925,000 and
MVS, $5,874,000). On the basis of those values and the
stipulated value of VIC's other assets, respondent contends that
Mr. Borgatello's interest in VIC is worth $9,930,000.
Procedural Issue
Before we tackle the issues of the fair market values of MVN
and MVS and Mr. Borgatello's interest in VIC, we must first
address an evidentiary issue concerning certain appraisal reports
prepared by the experts in this case. The estate commissioned
several appraisals of MVN and MVS. One of the real estate
appraisers, Wayne Holden, was asked to value MVN and MVS as of
the date of Mr. Borgatello's death. For this purpose, Mr. Holden
produced a set of appraisals that he completed on January 14,
1994 (Holden I reports). Subsequently, the estate asked Mr.
Holden to appraise MVN and MVS as of the alternate valuation
date. Mr. Holden updated his previous appraisals in two letters
dated February 21, 1994 (Holden II reports). The Holden II
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