Republic Plaza Properties Partnership, PFI Republic Limited, Inc., Tax Matters Partner - Page 25

                                       - 25 -                                         

          fications of each expert and all other evidence in the record.              
          Estate of Christ v. Commissioner, 480 F.2d 171, 174 (9th Cir.               
          1973), affg. 54 T.C. 493 (1970); IT&S of Iowa, Inc. v. Commis-              
          sioner, 97 T.C. 496, 508 (1991); Parker v. Commissioner, 86 T.C.            
          547, 561 (1986).  We have broad discretion to evaluate "'the                
          overall cogency of each expert's analysis.'"  Sammons v. Commis-            
          sioner, 838 F.2d 330, 334 (9th Cir. 1988) (quoting Ebben v.                 
          Commissioner, 783 F.2d 906, 909 (9th Cir. 1986), affg. in part              
          and revg. in part on another issue T.C. Memo. 1986-318.  We are             
          not bound by the formulae and opinions proffered by an expert,              
          especially when they are contrary to our own judgment.  Orth v.             
          Commissioner, 813 F.2d 837, 842 (7th Cir. 1987), affg. Lio v.               
          Commissioner, 85 T.C. 56 (1985); Silverman v. Commissioner, 538             
          F.2d 927, 933 (2d Cir. 1976), affg. T.C. Memo. 1974-285; Estate             
          of Kreis v. Commissioner, 227 F.2d 753, 755 (6th Cir. 1955),                
          affg. T.C. Memo. 1954-139.  Instead, we may reach a decision                
          based on our own analysis of all the evidence in the record.                
          Silverman v. Commissioner, supra at 933.  The persuasiveness of             
          an expert's opinion depends largely upon the disclosed facts on             
          which it is based.  See Tripp v. Commissioner, 337 F.2d 432, 434            
          (7th Cir. 1964), affg. T.C. Memo. 1963-244.  While we may accept            
          the opinion of an expert in its entirety, Buffalo Tool & Die                
          Manufacturing Co. v. Commissioner, 74 T.C. 441, 452 (1980), we              
          may be selective in the use of any portion of such an opinion.              





Page:  Previous  15  16  17  18  19  20  21  22  23  24  25  26  27  28  29  30  31  32  33  34  Next

Last modified: May 25, 2011