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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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