Pabst Brewing Company - Page 32

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          See Tripp v. Commissioner, 337 F.2d 432, 434 (7th Cir. 1964),               
          affg. T.C. Memo. 1963-244; see also Estate of Fittl v.                      
          Commissioner, T.C. Memo. 1986-452.  In order for the Court to               
          value property under a comparable sales methodology, we must                
          first be satisfied that the qualities of the properties which               
          provide the market benchmark are substantially similar to the               
          property for which the value is sought, or that proper                      
          adjustments may be made to account for any differences.                     
          Estate of Palmer v. Commissioner, 839 F.2d 420, 424 (8th Cir.               
          1988), revg. on other grounds 86 T.C. 66 (1986); Wolfsen Land &             
          Cattle Co. v. Commissioner, supra at 19-20.  We are not so                  
          satisfied in this case.                                                     
               We also are troubled by the fact that Tonna's methodology              
          inappropriately focuses on the views of the buyer, to the                   
          exclusion of the seller.  See Mandelbaum v. Commissioner, T.C.              
          Memo. 1995-255 (expert's disregard for the views of a willing               
          seller may be fatal to the expert's opinion); see also Estate of            
          Cloutier v. Commissioner, T.C. Memo. 1996-49.  Although a buyer             
          would most likely want to purchase the subject assets at Tonna's            
          ascertained values, the test of fair market value rests on the              
          concept of a hypothetical willing buyer and a hypothetical                  
          willing seller.  Ignoring the views of the willing seller is                
          contrary to this well-established test, and, as mentioned above,            
          may be fatal.  In this regard, our reading of Tonna's report does           
          not persuade us that he ever considered whether a hypothetical              

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