Estate of H.A. True, Jr. - Page 124




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          purposes and denying minority discount to voting stock because of           
          swing vote potential).                                                      
              A comparison of the marketable minority values for True Oil             
          proposed by Mr. Kimball and by respondent follows:                          

                                  Kimball reports’                                    
                                                      Respondent’s net                
                    Valuation     guideline company                                   
                                                     asset value method               
                       date            method                                         
                 January 1, 1993    $37,253,000          $35,685,000                  
                  June 4, 1994      $34,623,000              N/A                      
                  June 30, 1994     $34,623,000          $30,780,000                  

              We have acknowledged the merits of both parties’ valuation              
          methods and believe that some combination of the two methods                
          would most accurately measure True Oil’s marketable minority                
          value.  However, Mr. Kimball’s values would require adjustments             
          for our stated concerns, which are likely to result in higher               
          values.  As it is, we need not compute Mr. Kimball’s adjusted               
          guideline company values because respondent’s marketable minority           
          values (shown above) are less than Mr. Kimball’s as of January 1,           
          1993, and June 30, 1994.  Thus, we accept respondent’s marketable           
          minority values as of January 1, 1993, and June 30, 1994, and               
          treat them as concessions.                                                  
              Respondent did not determine True Oil’s marketable minority             
          value as of June 30, 1994, because he treated Dave True as owning           
          a controlling interest at death.  However, we treat Dave True’s             
          38.47-percent interest in True Oil as a minority interest, and we           






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