Estate of William Busch, Deceased, Mary Dana, Executor - Page 29




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          less valuable than larger ones.  In addition, respondent contends           
          that the growth management policies of Pleasanton might make                
          approval more easily obtainable for a smaller parcel.  Respondent           
          also maintains that the Busch property was homogeneous, and,                
          physically, it could be easily divided or partitioned.                      
          Respondent also contends that it is not axiomatic, as petitioner            
          seems to argue, that any partial interest must be discounted.               
          Finally, respondent contends that petitioner has not met the                
          burden of showing the need for a discount and/or the size of any            
          such discount.                                                              
               The circumstances of this case call for some discount                  
          attributable to the fact that decedent held a partial interest.             
          In that regard, decedent’s one-half interest was an equal                   
          interest with that of his coowner, and the property owned was               
          capable of development for residential purposes as two separate             
          45-acre parcels.  Petitioner points out that during 1982 the                
          coowners were not permitted to divide the property into two                 
          separate farms, but it was the county’s 100-acre minimum                    
          agricultural use limitation that was the reason for the county’s            
          denial.  No such acre limitation has been shown to exist for                
          residential property.  We agree with respondent’s analysis that             
          the proposed comparables reflect little premium or discount for             
          the size of the parcel to be developed and that it might have               
          been beneficial to have a relatively smaller parcel, considering            
          Pleasanton’s growth management policies.                                    




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