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to the company’s selloff of buildings and equipment. Total
assets decreased over the period from $13.2 million in 1989 to
$6.7 million in 1993.
During the period 1989 through 1993, Black Hills Trucking
carried long-term shareholder debt that ranged from a high of
$13.9 million in 1990 to a low of $855,000 in 1992. Shareholder
debt was roughly $2.8 million at the end of 1993.
During the period 1988 through 1994, Black Hills Trucking
distributed cash or other property to its shareholders only in
1989, in the amount of $213,000. On the other hand,
shareholders’ contributions to paid-in or capital surplus
increased during the analyzed period, spiking from $1.4 million
in 1990 to $16.7 million in 1991.
The stock of Black Hills Trucking has never been traded in
public markets.
V. True Ranches
Respondent adopts the entity values derived by Mr. Kimball
under the net asset value method. Accordingly, the parties agree
that the controlling equity value of True Ranches was
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