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current market prices, much less sacrificial prices or, for
instance, received an offer at a sacrifice price.
Additionally, Mr. Renbarger’s braggadocio at reaping large
profits from sales after the payment due date further undermines
his argument that he could sell only at sacrifice prices. Mr.
Renbarger claimed the plan was succeeding because “it brought in
at least 40 percent more value to the estate” when the properties
sold after the due date at his original asking prices. When
asked whether he received fair values, Mr. Renbarger testified
that he got “way more than the appraisal” on the properties. The
record therefore demonstrates that Mr. Renbarger’s dominant
motivation was to reap a profit rather than pay by the payment
due date.
The estate’s failure to list properties with a realty
company before the due date also exhibits a lack of ordinary
business care and prudence. Mr. Renbarger’s explanation was
merely that he wanted to save the 6- to 8-percent commission.
Avoiding fees cannot constitute reasonable cause for paying late,
however, particularly where the estate had virtually no success
of its own in selling property. A more prudent course would have
been to hire a realty company when it became apparent the five
properties advertised for sale would not sell by the payment due
date.
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