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The Experts
Each of the experts prepared an opening report and a rebut-
tal report, except respondent's expert Joel S. Cohen, Ph.D. (Dr.
Cohen) who prepared only an opening report and petitioners'
expert Irving H. Plotkin, Ph.D. (Dr. Plotkin) who prepared only a
rebuttal report. Certain of those experts provided additional
testimony at trial.
We evaluate the opinions of experts in light of the quali-
fications of each expert and all other evidence in the record.
Estate of Christ v. Commissioner, 480 F.2d 171, 174 (9th Cir.
1973), affg. 54 T.C. 493 (1970); IT&S of Iowa, Inc. v. Commis-
sioner, 97 T.C. 496, 508 (1991); Parker v. Commissioner, 86 T.C.
547, 561 (1986). We have broad discretion to evaluate "the over-
all cogency of an expert's analysis." Sammons v. Commis-
sioner,838 F.2d 330, 334 (9th Cir. 1988) (quoting Ebben v.
Commissioner, 783 F.2d 906, 909 (9th Cir. 1986), affg. in part
and revg. in part on another issue T.C. Memo. 1986-318. We are
not bound by the formulae and opinions proffered by an expert,
especially when they are contrary to our own judgment. Orth v.
Commissioner, 813 F.2d 837, 842 (7th Cir. 1987), affg. Lio v.
Commissioner, 85 T.C. 56 (1985); Silverman v. Commissioner, 538
F.2d 927, 933 (2d Cir. 1976), affg. T.C. Memo. 1974-285; Estate
of Kreis v. Commissioner, 227 F.2d 753, 755 (6th Cir. 1955),
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