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report provides information from which we could come to a
conclusion as to what is the area of this Monte Vista Dr.
property.
Conclusion
Doing the best we can on the basis of the record made by the
parties, taking into account our above-expressed reactions to
Atkinson’s cost analysis, we conclude, and we have found, that
the date-of-death fair market value of the Quito Property is $2.2
million.
B. Lafayette Property
Atkinson valued the Lafayette Property using three
approaches: (1) The comparable sales approach, (2) the income
approach, and (3) the cost approach. Under the latter two
approaches, Atkinson valued the land component of the Lafayette
Property using the comparable sales approach.
Hulberg and Kidder/Kirby valued the Lafayette Property using
the discounted cash-flow approach. In determining the
reversionary value element of the discounted cash-flow approach,
Hulberg and Kidder/Kirby used the comparable sales approach.
Table 4 shows Atkinson’s, Hulberg’s, and Kidder/Kirby’s
valuations of the Lafayette Property under their respective
approaches.
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