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30 percent on West Collins, 35 percent on North Main, and
30 percent on Enterprise. Because the difference between the
parties’ discounts on the Orange County properties is
insubstantial, we accept the estate’s discounts of 35 percent,
40 percent, and 35 percent for West Collins, North Main, and
Enterprise, respectively.
The estate’s experts suggest an additional discount of
5 percent for lack of voting rights. Thomson testified that an
additional lack of voting rights discount would be appropriate
between 2.5 percent and 5 percent and thus did not disagree with
the estate’s experts. Thus, we accept the 5-percent discount for
lack of voting rights.
Conclusion
We conclude that the properties in which decedent had an
interest should be valued and discounted in accordance with this
opinion, but not reduced below the value reported on the estate
tax return.
We have considered all of the remaining arguments made by
both parties for a result contrary to that expressed herein, and,
to the extent not discussed above, they are irrelevant or without
merit. To reflect the foregoing and to give effect to the
stipulations by the parties,
Decision will be entered
under Rule 155.
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