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condition has the potential of inflicting a severe financial
burden on plans to develop the parcel.
The Schoel report also briefly addresses the shape of parcel
A and its zoning classification. With regard to its shape, the
report describes parcel A as essentially two distinct parcels
because of the location of the Bell property. As to the zoning
of parcel A, the Schoel report generally concludes that a change
in the zoning classification of that portion of parcel A without
the corporate limits of the city of Birmingham from residential
to commercial would be difficult.
OPINION
Both parties introduced appraisal reports compiled by
qualified appraisers, each of whom was familiar with property
values in the vicinity of Birmingham, Alabama. Such expert
opinion evidence is admissible if it will assist the trier of
fact to understand evidence that will determine the fact in
issue. See Fed. R. Evid. 702. We must weigh expert opinion
evidence in light of the demonstrated qualifications of the
expert and all other credible evidence. Johnson v. Commissioner,
85 T.C. 469, 477 (1985). However, we are not bound by the
opinion of any expert witness when that opinion is contrary to
our judgment. Estate of Newhouse v. Commissioner, 94 T.C. 193,
217 (1990). While we may choose to accept the opinion of one
expert in its entirety, Buffalo Tool & Die Manufacturing Co. v.
Commissioner, 74 T.C. 441, 452 (1980), we may also be selective
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