3%, much like the annual price-to-NAV discount studies cited previously, with significant deviations in price; however, the yield-to-price of each RELP was relatively similar, with little deviation between the individual partnerships.
In performing valuations, business appraisers have selected discounts from averages of surveys of these publicly traded RELPs, or they have used precedent from court decisions of similar real estate holdings.
With respect to the AFLP interest, the taxpayer's expert selected a comparison sample of four RELPs
(with discounts ranging from 40% to 47%) and concluded that the appropriate DLOC was 45% in the first year and 40% in the second year.
RELPs on the other hand, are "passive activity" investments.
RELPs, with the exception of a small group of publicly traded partnerships, are generally illiquid.
vary in their tax sheltering goals and methods, with some emphasizing tax free cash flow; some losses that offset other income, and some appreciation and equity build up.
There is a fairly liquid secondary market for RELPs.
As with a discount obtained using closed-end funds, this discount for RELPs is also a starting point.
Those who had heard of these products were asked to rank their understanding of REITs and RELPs
and other investments.
that raised $170M for REITs and RELPs
and 8 years industrial engineering training and experience with the General Motors Corporation.