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should be valued in the wholesale market, then it appears
that the fair market value of the condominiums is less
than the amount of debt. This is true whether we base the
wholesale values on the amounts set forth in respondent's
appraisals or the prices that each partnership actually
paid for the condominiums. As the court noted in Anselmo
v. Commissioner, 757 F.2d at 1213: "The selection of the
relevant market at a given time for appraisal purposes is
tantamount to selecting the price." That is certainly true
in this case.
None of the appraisers who testified in these cases
considered this issue. Mr. Seph Pomerantz, who prepared
the contemporaneous appraisals of the 39 units in Paseos
Castellanos, testified that his firm was asked to appraise
the units individually and not in bulk. He further
testified that he would not have completed his appraisals
in the same fashion if he had been asked for a bulk
appraisal.
Similarly, Mr. Mogul's letter transmitting his
appraisal report to respondent's counsel states that the
report was made for the purpose of estimating the fair
market value of the 39 condominium units in Paseos
Castellanos as of December 30, 1982, "assuming sale of
thirty-nine units to a single purchaser." Thus, as he
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