Estate of Helen M. Noble, Deceased, Leslie H. Noble, Jr., and John R. Noble, Co-Personal Representatives - Page 17

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               1.  Market Approach                                                    
               The market approach values a company’s nonpublicly traded              
          stock by using one or more methods to compare that stock to the             
          same or comparable stock that has sold in arm’s-length                      
          transactions in the same timeframe.  The nonpublicly traded stock           
          subject to valuation is valued by adjusting the sales price of              
          the same or comparable stock to reflect any differences between             
          that stock and the nonpublicly traded stock.                                
               2.  Income Approach                                                    
               The income approach values a company’s nonpublicly traded              
          stock by using one or more methods that convert anticipated                 
          economic benefits into a single present amount.  Valuation                  
          methods under this approach may directly capitalize earnings                
          estimates or may forecast future benefits (earnings or cashflow)            
          and discount those future benefits to the present.                          
               3.  Asset-Based Approach                                               
               The asset-based (or cost) approach values a company’s                  
          nonpublicly traded stock by using one or more methods which look            
          to the company’s assets net of its liabilities.                             
          IV.  Value of the Subject Shares                                            
               The stock of Glenwood Bank was not publicly traded.  Thus,             
          we look first to see whether there were any arm’s-length sales of           
          that stock near the applicable valuation date.  Because neither             
          coexecutor elected to value the estate’s property under section             






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Last modified: May 25, 2011