Estate of Carolyn J. Rogers - Page 13




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         of the five leased tracts were somewhat superior to the timber               
         quality on the five estate tracts.  Because of this difference,              
         he concluded that a downward adjustment of no more than 10                   
         percent was warranted.                                                       
              Except for the timber volumes, timber quality, and timber               
         quantity on these lands, respondent does not question that the               
         lands included in the leases for the five leased tracts are                  
         physically comparable to the timberlands elected for special use             
         valuation by petitioner.  The foregoing includes timberland only             
         and specifically does not include standing timber and                        
         pastureland.                                                                 
              Respondent has submitted an original and two rebuttal                   
         reports from his expert, Richard Maloy.  The parties agree that              
         these reports are accepted as if the author had testified to                 
         their contents.  Maloy & Co., Inc., provides real estate                     
         appraisals.  Richard Maloy graduated from the University of                  
         Alabama with a B.S. in marketing in 1973 and obtained his J.D.               
         from the Birmingham School of Law in 1979.  He is a Licensed Real            
         Estate Broker and a State Certified General Real Estate Appraiser            
         in the State of Alabama.                                                     
              Mr. Maloy contends that "Comparable leases must have been               
         negotiated under recent (5-year period of analysis) dates to                 
         ensure comparability of economic conditions."  Mr. Maloy further             
         states the following:  "Lease comparability under section                    






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