Estate of Emanuel Trompeter, Deceased, Robin Carol Trompeter Gonzalez and Janet Ilene Trompeter Polachek, Co-Executors - Page 21

          When we increase the $764,600 total auction price paid for the 13           
          gemstones by the $95,440 of commissions payable to Christie’s on            
          the respective sales,11 and then mark up the sum of $860,040                
          ($764,600 + $95,440) to reflect the 15- to 25-percent commissions           
          referenced by Carmona, we arrive at a range of retail value for             
          the gemstones from $989,046 ($860,040 x 1.15) to $1,075,050                 
          ($860,040 x 1.25).  This range approximates the $1.1 million                
          total fair market value ascertained by Carmona for the 13                   
               We recognize that none of the six assets in question                   
          actually sold at auction for even the lower estimated value                 
          ascertained by Christie’s.  We do not consider any of these lower           
          estimated values to be a proper measure of the price at which a             
          hypothetical willing buyer and a hypothetical willing seller                
          would consummate a sale of those assets.  The auction was a                 
          single auction that included many precious gemstones and many               
          valuable items of jewelry.  The mere fact that each of the six              
          assets offered for sale at the auction did not sell there for               
          even its lower estimated value does not mean under the facts                
          herein that its fair market value is necessarily less than its              
          lower estimated value.  Cf. CTUW Hollingsworth v. Commissioner,             

               11 As to the total auction price of $764,600 paid for the              
          13 loose gemstones, $379,600 was subject to a 15-percent                    
          commission and $385,000 was subject to a 10-percent commission              
          (($379,600 x .15) + ($385,000 x .10) = $95,440).                            

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