Estate of James J. Renier, Deceased, Kent L. Renier and Dubuque Bank & Trust Company, Co-Executors - Page 17

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          this claim might be inflated, the record establishes that Renier            
          was open 68 hours per week.  We do not believe that Kent’s sales            
          and management functions could be duplicated with a 40-hour work            
          week at $19.23 per hour, plus 20 percent in fringe benefits (or             
          total annual compensation of approximately $48,000), as Mr.                 
          Sliwoski’s postulates.  If one considers only Kent’s sales                  
          function, his annual compensation would exceed $40,000,10 before            
          considering his multiple management and administrative duties.              
          In addition, Mr. Sliwoski failed to consider that except for the            
          last approximately 7 months of the base period, decedent also               
          actively assisted in Renier’s operation.  We therefore do not               
          believe Mr. Sliwoski’s computations of reasonable compensation              
          for the sales and management functions performed by related                 
          parties are reliable.                                                       
               On this record, we have no alternative but to substitute our           
          best judgment of the value of the sales and management services             
          that were performed by Kent as of the valuation date (and various           
          other family members during the base period).  Taking into                  
          account the hours claimed in Kent’s testimony, it is our judgment           
          that the sales and management functions performed by him could be           
          accomplished in a 60-hour work week.  Using Mr. Sliwoski’s                  

               10 Respondent conceded that Kent was responsible for                   
          approximately one-third of Renier’s annual sales of $1.5 million.           
          If Kent received a commission of 6 to 8 percent on those sales, a           
          commission which Mr. Sliwoski himself conceded was reasonable in            
          the business, plus benefits equal to 20 percent of this amount,             
          his compensation as a salesman would have exceeded $40,000.                 

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