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market, the market in which the partnerships planned to
resell the properties. The thrust of respondent's position
is that the fair market value of the properties, as stated
by Messrs. Dalton and Ramos: "is based on the marketplace
in which they were acquired, the wholesale market."
Neither respondent nor respondent's witnesses provide a
reason why this must be the case.
During his testimony, Dr. Hewitt touched on the
appropriate market for valuing property and, contrary to
respondent's position, his testimony suggests that the
subject properties should be valued in the retail market.
On cross-examination, Dr. Hewitt answered a number of
questions from petitioners' representative about the value
of a bag of peanuts as purchased by an individual, on the
one hand, or the value of the same bag of peanuts as
purchased by a bulk purchaser, such as an airline, on the
other hand. On redirect, the following exchange took place
between Dr. Hewitt and respondent's attorney:
Q. Mr. Hewitt, you and Mr. Griffith talked
about buying peanuts, where he could go buy
one bag of peanuts and Delta could go buy
another bag of peanuts. Let's do this
example: You could go to the grocery store
where a bottle of Coca-cola sells for 50
cents a bottle, and you can buy a six-pack
for $2.
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