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Capitalization Net Asset Value
Petitioner's Expert Approach Approach
Distributions during 1990 $650,000.00 Value of apartment complex $10,050,000.00
Distributions during 1991 600,000.00 Other assets 840,075.00
Distributions during 1992 800,000.00 Total liabilities 557,306.00
Total distributions 2,050,000.00 Net Asset Value of Hill House 10,332,769.00
Average annual distributions 683,333.33
Percentage interest 0.25235 Percentage interest 0.25235
Share of average annual distributions 172,439.17 Share of Net Asset Value 2,607,474.26
Percentage yield of IDS Balcor Income Properties 0.11 Less: Discount of 51% 1,329,811.87
Value of Hill House before marketability discount 1,567,628.82 Value of Hill House before marketability discount 1,277,662.39
Weight of capitalization approach 0.75 Weight of Net asset value approach 0.25
1,175,721.61 319,415.60 $1,495,137.21
Less: Marketability discount of 35% 523,298.02
Fair Market Value of the subject limited partnership interest 971,839.19
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