Estate of Arthur G. Scanlan, Deceased, Ruth B. Scanlan, Administratrix - Page 5

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          presented any persuasive reason why we should reconsider or                        
          change our memorandum opinion.  To the extent that petitioner                      
          wanted either to strengthen its argument or to otherwise expand                    
          on it, it should have done so before we released our memorandum                    
          opinion.                                                                           
                Petitioner also chose not to present additional evidence at                  
          trial to support the result that it desired.  Instead, it decided                  
          to rest its case primarily on the opinion of Mr. Chaffe.  We                       
          disagreed with Mr. Chaffe, and we found both his testimony and                     
          his report to be of no value.  Rather than holding for respondent                  
          on the grounds that petitioner failed to meet its burden of                        
          proof, see Rule 142; Welch v. Helvering, 290 U.S. 115 (1933),                      
          we determined values for the subject shares based on the limited                   
          record.3  It was because of the sparse record that we were unable                  
          to apply the Mandelbaum factors to determine the marketability                     
          discount.4  Instead, as stated in our memorandum opinion, we                       
          determined the relevant values (which took into account a                          
          marketability and minority discount, as well as the change in                      
          circumstances from the date of the redemption agreement to the                     
          date of the decedent’s death) in light of the imperfect record,                    

                3 At trial, respondent did not call any witnesses, and she                   
          did not introduce any exhibits (other than the 5 exhibits to                       
          which the parties stipulated before trial).                                        
                4 In contrast to the instant record, the record in                           
          Mandelbaum was "replete with charts, graphs, factual data,                         
          testimony, and expert opinion."  Mandelbaum v. Commissioner,                       
          supra.                                                                             




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