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Comparable Income Cost method Estimated
sales method method value
Petitioners’ -- -- -- 1$106,000
returns,
petitions,
and brief
Deficiency
notices and -- -- -- 139,900
answers
Petitioners’ $106,000 $104,390 $106,403 106,000
expert Glen
Respondent’s 139,900 138,700 147,000 139,900
expert Kurek
1 Petitioners reported on their returns and asserted in the
petitions that the fair market value of the apartment building
was $105,465. On brief, they contend that its value was
$106,000.
C. Petitioners’ Experts
1. Wolff
Wolff appraised the apartment building in August 1991 for
NCNB Bank for refinancing purposes. He estimated that its fair
market value was $85,000. He used 7527 Windsor Oaks as a
comparable property. 7527 Windsor Oaks had the same size and
number of rental units as the apartment building and was sold in
January 1991 for $79,000. Wolff testified that the value of the
apartment building could reasonably have increased to $106,000 in
1993.
2. Glen
Glen inspected the apartment building in May 1997. He
estimated that its fair market value was $106,000 as of August
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Last modified: May 25, 2011