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adopted Goade’s estimates for real property, and Francis X. Burns
(Burns), respondent’s expert, disagree about the value of some of
the partnership assets when decedent died.
The following summarizes the parties’ positions and our
holding about the values of the partnership assets on August 21,
1994, before discounts.
Estimate by
Assets Goade & Parks Burns Conclusion
Bexar County land $378,900 $421,000 $378,900
Kleberg County land 212,017 235,575 212,017
Nueces County land 78,750 87,500 78,750
Cameron County land 42,239 0 42,239
San Patricio
County land1 -0- -- -0-
Rauscher Pierce 672,345 672,345 672,345
Smith Barney 119,902 119,465 2119,465
Note receivable 140,594 140,594 140,594
Cash 26,072 26,072 26,072
Liabilities (35,728) (35,728) (35,728)
Totals 1,635,091 1,666,823 1,634,654
1 Goade estimated that the San Patricio County property had
no value because most of it was under water most of the year.
Burns did not include the San Patricio County property in his
report.
2 Burns listed the value of each security in the Smith
Barney portfolio. In his report, Parks stated a total for Smith
Barney, but no information on specific securities because he
found them to be unavailable. We accept Burns’ estimate.
Parks used the estimates of Goade, a professional real
estate appraiser, as the values for the real property. Goade
applied a 10-percent fractional interest discount. Burns
concluded that no fractional interest discount should be applied
to the real property values. Goade is a qualified real estate
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