J.C. Shepherd - Page 44




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          $358,973, and the value of petitioner’s aggregate gifts is                  
          $717,946, calculated as follows:                                            
          Leased Land                                                                 
               1991 present value of lease income            $566,773                 
               1991 present value of 2023 reversion           190,291                 
                    Combined present value        757,064                             
               Pro rata interest                               25%                    
               Undiscounted pro rata value                     189,266                
               Valuation discount adjustment (1-.15)           .85                    
                    Value of separate indirect gifts           160,876                
                                                                                     
          Bank Stock                                                                  
               Stipulated value                             932,219                   
               Pro rata interest                               25%                    
               Undiscounted pro rata interest               233,055                   
               Valuation discount adjustment (1-.15)           .85                    
                    Value of separate indirect gifts           198,097                
          Combined Value of Separate Indirect Gifts                                   
               Leased land                                  160,876                   
               Bank stock                                      198,097                
                    Total                         358,973                             
          Total Indirect Gifts                                                        
               John                               358,973                             
               William                                         358,973                
                                                           717,946                   
               We have considered all other arguments the parties have                
          advanced for different results.  Arguments not expressly                    
          addressed herein we conclude are irrelevant, moot, or without               
          merit.                                                                      


               To reflect the foregoing,                                              
                                             Decision will be entered                 
                                        under Rule 155.                               
               Reviewed by the Court.                                                 
               WELLS, CHABOT, COHEN, PARR, WHALEN, COLVIN, HALPERN,                   
          CHIECHI, LARO, and GALE, JJ., agree with this majority opinion.             




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