- 29 -                                         
          voting rights of JM.  No similar premium was applied to the                 
          Specialty stock.  Mr. Stewart, on the other hand, applied a 35-             
          percent discount for lack of marketability and a 20-percent                 
          minority discount,14 because the interest that Joseph transferred           
          to Cyril amounted to less than 50 percent of the stock in each              
          company.15                                                                  
               The term "value" means fair market value, which is "the                
          price at which the property would change hands between a willing            
          buyer and a willing seller, neither being under any compulsion to           
          buy or to sell and both having reasonable knowledge of relevant             
          facts."  Sec. 20.2031-1(b), Estate Tax Regs.  The standard is               
          objective, using a purely hypothetical willing buyer and seller.            
          Propstra v. United States, 680 F.2d 1248, 1251-1252 (9th Cir.               
          1982); Estate of Newhouse v. Commissioner, 94 T.C. 193, 218                 
          (1990); Estate of Mueller v. Commissioner, T.C. Memo. 1992-284.             
          However, "the hypothetical sale should not be constructed in a              
          vacuum isolated from the actual facts that affect the value of              
          14Mr. Stewart applied the minority discount only under the                  
          discounted future cash-flow approach, because, in his opinion,              
          the market comparison approach already produces a per-share value           
          for a minority interest.                                                    
          15While expert opinions can assist the Court in evaluating a                
          claim, we are not bound by the opinion of any expert witness and            
          may reach a decision based on our own analysis of all the                   
          evidence in the record.  Helvering v. National Grocery Co., 304             
          U.S. 282, 295 (1938); Silverman v. Commissioner, 538 F.2d 927,              
          933 (2d Cir. 1976), affg. T.C. Memo. 1974-285; Estate of Newhouse           
          v. Commissioner, 94 T.C. 193, 217 (1990).                                   
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