Estate of H.A. True, Jr. - Page 192

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          in Belle Fourche.  First, Black Hills Trucking was unprofitable,            
          unlike Belle Fourche.  Second, Black Hills Trucking’s shareholder           
          distributions were negligible, while Belle Fourche’s were                   
          significant.  In fact, during the period analyzed, shareholders             
          lent or contributed substantial amounts to Black Hills Trucking.            
              Based on the foregoing, we conclude that a minority interest            
          in Black Hills Trucking was less marketable than a minority                 
          interest in Belle Fourche.  Therefore, we assign a 30-percent               
          marketability discount to Jean True’s 37.63-percent interest in             
          Black Hills Trucking transferred as of June 30, 1994.                       

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