LO.1 At the time of his death from a terminal illness, Hugo owned the following major assets.

• A 3,400-square-foot condominium located in Kansas City, Kansas.

• An antique car collection.

In terms of valuing these assets for estate tax purposes, comment on these additional factors.

a. A similar condominium (same architect, same builder, and same square footage)
recently sold in midtown Manhattan (NYC) for $20 million.

b. To avoid bankruptcy and to provide immediate cash for the estate, Hugo’s executor sold the antique car collection to the first wholesale dealer who made an offer.