Appraisal Economics Inc. has conducted an analysis of fractional interests in real estate located in the southern United States. The fractional interests were held as tenants-in-common. Tenant-in-common interests are held by two or more owners each having an undivided interest. In this type of ownership, the interests are not necessarily equal in size and no one owner has unilateral control of the property. Accordingly, each tenant effectively holds a non-controlling and illiquid interest in the underlying real estate. Appraisal Economics applied appropriate lack of control and lack of marketability discounts to the pro rata values of the tenant-in-common interests and determined the fair market values of the interests for estate tax purposes.

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