At issue is the method of valuing income (historical or future), the capitalization rate for 1994 and 1995 (ANR's capital structure was skewed), and the inclusion of certain intangibles.
At issue is the capitalization rate, the inclusion of certain intangibles and the method for allocation (original cost vs. net book or rate base).
Petitioner is a public utility company that owns and operates an electricity-generation, -transmission, and -distribution system.
The company took issue with four of its properties being categorized as specialty properties, thus resulting in overvaluation.
Dandekar, Manoj P. "Income Approach Valuation-Yield Capitalization versus Direct Capitalization." Levine, Scott A. "Market Approach Valuation-Stock and Debt Method Issues."and Millon, Thomas J., and T ...