- 4 - category of items) listed on the inventory, petitioners made entries in designated columns for: (1) Number of items destroyed; (2) date and place of purchase; (3) “original cost”; and (4) replacement cost at or about the time of the fire. For a few items, there is a variance between the entries made for original cost and the replacement cost. For most, if not all, of those few items, the replacement cost is higher than petitioners’ estimated original cost for that item. For most items, either the amounts entered for original cost and the replacement cost are identical, or, if more than one item was destroyed, the replacement cost listed is the product of the number of items multiplied by the amount listed as the original cost of the items. It appears that for these items, amounts entered in the “original cost” column do not, as the name suggests, represent petitioners’ costs of the items, but instead duplicate petitioners’ estimate of the replacement costs of those items. From the information supplied by petitioners, Westfield computed the “actual cash value” of each item listed on the inventory by applying a depreciation factor, ranging from 20 percent to 70 percent, to the replacement cost of each item. The total of the amounts listed as original cost cannot be determined from the copy of the inventory placed into the record because relevant portions of the document are obscured by overlays.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 Next
Last modified: May 25, 2011