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assets less the $64,150,375 value of the other Transferred Assets
that are not in dispute herein. We do not believe that the
record supports such a valuation. Once again, we are not
persuaded that a hypothetical seller would sell the subject
assets at this price.
Nor are we persuaded by the valuation conclusions of
Weinberg. We observe that Weinberg is knowledgeable about the
beer industry. The fact that Weinberg is knowledgeable about
this industry, however, does not compel us to credit his
testimony on the Transferred Assets' fair market value for
Federal income tax purposes. At trial, we informed respondent's
counsel that we considered Weinberg to be knowledgeable on the
beer industry, but that we had serious doubts as to his ability
to render a persuasive opinion on the fair market value of the
subject assets. We continue to harbor such doubts after
thoroughly considering Weinberg's testimony with the benefit of
the record as a whole. First, Weinberg's expertise centers on
advising clients in the brewing industry on new opportunities,
and we do not find that he has expertise in valuing assets for
Federal income tax purposes. The thrust of Weinberg's expertise
centers on marketing, economics, and the like, rather than on the
ascertainment of fair market value for Federal income tax
purposes. We also note that Weinberg had never previously
testified as an expert on the appraisal or valuation of breweries
or brewing companies.
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