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Company, and by A. E. Stoddard as president of Las Vegas Land and Water Company. V With the valuation as placed on its water production facilities by itself (see Sec. 4 of Contract) of $751*643 as of January 1, 1950* it seeks a rental of $46,803-94 per year, varying somewhat in each year. This contract valuation figure does not agree with the schedule shown on plaintiff's Exhibit 18, where the value is shown to be $743*070. The rental sought is after income tax, which, from Exhibit 18, is indicated to be $47,856.35 for 1951* as computed by the Witness Carson. It would appear to this Commission that with the payment of $47*856.35 of income tax, and a rental of approximately $46,803-94 per average year, there is a handsome profit to the Railroad Company. Witness Carson offered Exhibit 13 and testified the value of land, or, as changed by plaintiff to .cost of land, to be $19*322, contrasted to the figure of $75*900 as agreed by the Railroad Company to be the market value of the land as of January 1, 1950. (See Sec. 4 Contract). Witness Bates testified (Transcript 175) that in his opinion the value of the 679*42 acres, which plaintiff claims is water bearing, is $428,650. It is hard to visualize this value when the map (Exhibit 10) indicates all of the wells of the production company are located within 240 acres; and some of these wells, once flowing, are now pumped to yield the quantity of water that once flowed freely. On cross-examination (Transcript 186), Witness Bates testified that in his opinion the 679*42 acres of land upon which lie placed a valuation of $428,650 could not be sold for that amount of money. This Commission found the value of the land used and useful for water production to be $24,000. This Commission, in reconsideration of the matter because of the additional evidence offered, elects to combine the production unit with the distribution company, over which it has lawful jurisdiction. It is again unfortunate that the Railroad Company has elected to consider it has two children, when its production unit would be helpless without its distribution -5-