- 51 -
Rockefeller Center Properties, Inc. - 14,375 14,375
Common
Note Receivable (Marsh note) 300,000 405,000
NET ASSET VALUE $1,603,134 $1,708,134
As can be seen from the foregoing table, the only difference
reflected in the net asset value analyses of the parties’ experts
lies in their valuation of the Marsh note.2 This level of
agreement is logical in light of the fact that the remaining
assets, in addition to cash, consisted of marketable securities
and mutual funds. Before proceeding to address the Marsh note
specifically, however, we deal with a question that has arisen
concerning burden of proof.
B. Burden of Proof
The estate’s opening brief contains the statement that “the
only matter as to which Petitioner bore the burden of proof was
the determination of fair market value.” Respondent’s opening
brief refers to the estate’s failing to satisfy its burden but
also includes the following remark: “Even if respondent had the
burden with respect to the valuation of the property, the
evidence produced by respondent clearly satisfies any such
burden. See Estate of Mitchell v. Commissioner, 250 F.3d 696
2 Although one of the summary tables contained in Mr.
Thomson’s report states a value of $69,310 for the Franklin AGE
High Income Fund, the $69,130 figure is used elsewhere in the
report and is necessary to derive the oft-repeated total of
$1,708,134. We conclude that the $69,310 amount should be
disregarded as a transcription error.
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