Estate of Etta H. Weinberg - Page 13

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             the income stream a 3-year average of the cash                           
             distributions made during the years 1990 through 1992,                   
             $683,333 (i.e., total distributions during 3-year period,                
             $2,050,000, divided by 3).  In calculating the average                   
             distributions, Mr. Siwicki did not adjust the average to                 
             take into account the final mortgage payment due on                      
             April 1, 1993.                                                           
                  A 25.235-percent share of the 3-year average of cash                
             distributions (i.e., the share attributable to the subject               
             limited partnership interest) is $172,439 (i.e., $683,333                
             x 25.235 percent).  Mr. Siwicki capitalized that amount,                 
             $172,439, by 11 percent, the approximate yield of an                     
             interest in IDS Balcor, to arrive at $1,567,627 as the                   
             value of the subject limited partnership interest.                       
                  As mentioned above, the parties agree, for purposes                 
             of this case, that the fair market value of the Hill House               
             apartment complex on the date of death was $10,050,000.                  
             On the basis of the financial statements of Hill House                   
             for 1992 and the fair market value of the property as                    
             stipulated by the parties, Mr. Siwicki determined that the               
             net asset value of Hill House on the date of the decedent’s              
             death was $10,332,769.  Thus, the subject 25.235-percent                 
             interest in the net asset value of Hill House was                        

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