Estate of Ruth J. Casey, Deceased, First Interstate Bank of Nevada, Special Administrator - Page 7

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          knowledge of relevant facts."  United States v. Cartwright, 411             
          U.S. 546, 551 (1973); Estate of Hall v. Commissioner, 92 T.C.               
          312, 335 (1989); Estate of Heckscher v. Commissioner, 63 T.C.               
          485, 490 (1975); sec. 20.2031-1(b), Estate Tax Regs.  All                   
          relevant facts and elements of value as of the applicable                   
          valuation date shall be considered in every case.  Commissioner             
          v. Scottish Am. Inv. Co., 323 U.S. 119, 123, 125 (1944); Skripak            
          v. Commissioner, 84 T.C. 285, 320 (1985); sec. 20.2031-1(b),                
          Estate Tax Regs.                                                            
               Valuation is an inexact process, Buffalo Tool & Die                    
          Manufacturing Co. v. Commissioner, 74 T.C. 441, 452 (1980), and             
          we may accept or reject in full or in part experts’ opinions                
          proffered by the parties.  Helvering v.  National Grocery Co.,              
          304 U.S. 282, 294-295 (1938); Seagate Tech., Inc., & Consol.                
          Subs. v. Commissioner, 102 T.C. 149, 186 (1994).  Petitioner                
          bears the burden of proving that respondent’s determination is in           
          error.  Rule 142(a); Welch v. Helvering, 290 U.S. 111 (1933);               
          Estate of Gilford v. Commissioner, 88 T.C. 38, 51 (1987).                   
               Petitioner’s expert compares the Liquidating Trust to                  
          situations where partners or shareholders have a fractional                 
          interest in an entity which, in turn, holds real estate.  He then           
          postulates that the value of the fractional interest is derived             
          from the value of the underlying assets and/or potential                    
          earnings.  Finally, he explains that “Less-than-controlling                 
          equity interests in real property * * * may not be worth a pro              




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