Estate of Etta H. Weinberg - Page 19

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             distributions to the limited partners.  Again, this                      
             characteristic was not present in the comparables.  Lastly,              
             Dr. Kursh subtracted 25 basis points to account for the                  
             fact that the data for the comparables might include                     
             distressed sales.  Dr. Kursh based this adjustment on the                
             following editor's note in "The Perspective":                            

                       Limited partnership investments are                            
                  generally illiquid, long term investments.                          
                  Sellers of such investments are often con-                          
                  sidered distressed for various reasons and find                     
                  it necessary to accept discounted sales prices.                     
                  As a result, the above price information may                        
                  not reflect the intrinsic value of a limited                        
                  partnership interest.                                               

             After making the above adjustments to the average yield,                 
             Dr. Kursh concluded that a potential purchaser would                     
             require an investment in Hill House to yield a rate of                   
             return of 9.7 percent (i.e., 10.45 + .50 - 1.00 - .25).                  
                  For an income stream, Dr. Kursh used the cash                       
             distributions made by Hill House in 1992, $800,000.  A                   
             25.235-percent share of the 1992 cash distributions is                   
             approximately $202,000.  Because the only liability on the               
             property was the mortgage that was due to be fully paid on               
             April 1, 1993, Dr. Kursh believed that the partnership                   
             would realize a substantial increase in income after that                

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