Estate of Etta H. Weinberg - Page 26






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             weight must be given to the net asset value of the                       
             partnership’s underlying assets even though a hypothetical               
             buyer of the subject limited partnership interest would                  
             have no ability to directly realize the value by forcing                 
             liquidation.  See id. at 945.                                            
                  Second, we agree with petitioner’s expert that for                  
             purposes of computing the fair market value of the subject               
             limited partnership interest under the capitalization of                 
             income approach, it is appropriate to use the average of                 
             the distributions made during the years 1990 through 1992,               
             rather than the amount of the 1992 distribution.  As                     
             mentioned above, paragraph 4.1 of the partnership agreement              
             grants the general partner sole discretion to determine                  
             when distributions are made.  While there is no guaranty                 
             that past distributions will reflect the distributions to                
             be made in the future, we believe that an average of the                 
             distributions over 3 years better reflects the cash                      
             distributions that an investor could reasonably anticipate               
             in the future, than the distributions made during 1992 of                
             $800,000, an amount that exceeds the 3-year average by                   
             $116,667.  We do not agree with respondent’s position that               
             an investor would consider the 1992 distributions of                     







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