- 5 - 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.Page: Previous 1 2 3 4 5 6 Next
Last modified: May 25, 2011