Pabst Brewing Company - Page 25

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          Commissioner, 84 T.C. 722 (1985); Dean v. Commissioner, 83 T.C.             
          56, 75 (1984); Fuchs v. Commissioner, 83 T.C. 79, 99 (1984).                
               Petitioner must prove that respondent's determination of               
          fair market value set forth in her notice of deficiency is                  
          incorrect.  Rule 142(a); Welch v. Helvering, 290 U.S. 111, 115              
          (1933).  Petitioner must also prove that the fair market value of           
          the San Antonio brewery is different than the value reported on             
          its tax return.  Rule 142(a).  A determination of fair market               
          value is factual, and a trier of fact must weigh all relevant               
          evidence of value and draw appropriate inferences.  Commissioner            
          v. Scottish Am. Inv. Co., 323 U.S. 119, 123-125 (1944);                     
          Helvering v. National Grocery Co., supra at 294; Hamm v.                    
          Commissioner, 325 F.2d 934, 938 (8th Cir. 1963), affg. T.C. Memo.           
          1961-347; Skripak v. Commissioner, 84 T.C. 285, 320 (1985);                 
          Zmuda v. Commissioner, 79 T.C. 714, 726 (1982), affd. 731 F.2d              
          1417 (9th Cir. 1984).  Fair market value is the price that a                
          willing buyer would pay a willing seller, both persons having               
          reasonable knowledge of all relevant facts and neither person               
          being under any compulsion to buy or to sell.  Sec. 20.2031-1(b),           
          Estate Tax Regs.; see also United States v. Cartwright, 411 U.S.            
          546, 551 (1973); Kolom v. Commissioner, 644 F.2d 1282, 1288 (9th            
          Cir. 1981), affg. 71 T.C. 235 (1978); Estate of Hall v.                     
          Commissioner, 92 T.C. 312, 335 (1989).  The willing buyer and the           
          willing seller are hypothetical persons, rather than specific               
          individuals or entities, and the characteristics of these                   




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