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appraisers, and the loan to value ratio for each property,
computed using respondent's value:
EA 83-XII
Respondent's
Address Loan Amount Value Loan � Value
1612 Hemphill Ave.$54,525 $57,400 94.99
1921 West 17th St.51,300 54,000 95.00
1728 Coronado Ave.51,300 54,000 95.00
1700 Linda Ave.54,050 56,900 94.99
1716 Coronado Ave.54,050 1 53,900 100.28
1916 Hollywood Dr.53,200 56,000 95.00
1720 Coronado Ave.56,425 59,400 94.99
2109 Avignon Dr.84,525 84,000 100.63
2111 Avignon Dr.85,025 85,000 100.03
2113 Avignon Dr.95,475 91,000 104.92
2115 Avignon Dr.95,475 100,500 95.00
2117 Avignon Dr.101,175 106,500 95.00
Paseos Castellanos 2 2,869,625 21,800,000159.42
(39 units)
Total 3,706,150 2,658,600 139.40
1 At trial, respondent's appraiser conceded that this value should equal the
contract price of the property, $56,900.
2 This is the aggregate amount for all 39 condominium units.
Respondent's position is that the promissory notes issued
by EA 83-XII, comprising 51 of the 106 notes mentioned
above, should be disregarded for tax purposes because the
aggregate nonrecourse debt represented by those notes
exceeds the value of the properties by 39.40 percent.
Similarly, the following is a list of the 55
properties purchased by EA 84-III (viz 14 single-family
residences and 41 condominium units) together with the
amount of each loan, the value of each property as
determined by respondent's appraisers, and the loan to
value ratio for each property, computed using respondent's
value:
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