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We cannot say the same of the reports submitted by
petitioner’s experts. Petitioner submitted reports from two
experts: Patrick D. McIntosh, a licensed appraiser for McIntosh
& Associates, and Skip Vanderbundt, a real estate agent and
senior vice president of Cornish & Carey Commercial. Mr.
McIntosh supported his testimony with two reports: A “narrative
summary restricted report” (restricted report) in which Mr.
McIntosh had appraised, for estate-planning purposes, the land
both raw and improved, and a “summary consulting report”
(consulting report) in which Mr. McIntosh determined the fair
market rental value of the properties leased by petitioner. Both
reports reach conclusions of value without providing any support
or analysis for the conclusions. The restricted report describes
the real property and states a conclusion of value. Nothing is
expressed in the report to support Mr. McIntosh’s conclusion of
value. In the consulting report, Mr. McIntosh concludes that
petitioner’s leases are all within the range of fair market
rental values on the basis of one identified lease, known as the
Nella Oil lease, and Mr. McIntosh’s knowledge of other lease
transactions, the specific terms of which, Mr. McIntosh says in
the report, he cannot disclose.
In cross-examination and through the testimony of Mr.
Harris, respondent established that the Nella Oil property is
superior in every way to petitioner’s properties. It is a highly
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