Estate of Etta H. Weinberg - Page 21

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             period.  The QMDM consists of various summary tables in                  
             which implied marketability discounts are enumerated for                 
             each set of the above four factors.                                      
                  As to this case, Dr. Kursh assumed the expected growth              
             rate of value to be between 3 and 4 percent.  Dr. Kursh                  
             based this determination on the historical inflation rate.               
             He assumed the expected distribution yield to be 10                      
             percent, based on the yields for comparable real estate                  
             investments.  He assumed a required holding period return                
             of 16.4 percent.  This percentage was calculated using the               
             rates of return on publicly traded securities as modified                
             by specific characteristics of the particular investment.                
             And lastly, Dr. Kursh assumed a holding period of 10 to                  
             15 years.  From the QMDM tables, Dr. Kursh's assumptions                 
             produced a marketability discount of 15 percent.                         
                  After applying the 15-percent marketability discount,               
             Dr. Kursh concluded that the fair market value of the                    
             subject limited partnership interest on the date of death                
             is $1,770,103.  Dr. Kursh's analysis is summarized as                    

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