- 16 -
F.2d 934, 938 (8th Cir. 1963), affg. T.C. Memo. 1961-347. The
determination of fair market value is a question of fact.
McGuire v. Commissioner, 44 T.C. 801, 812 (1965). "Such a
[factual] determination is one that is entitled to be made on all
the elements of the particular case." Silverman v. Commissioner,
538 F.2d 927, 933 (2d Cir. 1976) (quoting Heil Beauty Supplies v.
Commissioner, 199 F.2d 193, 195 (8th Cir. 1952)), affg. T.C.
Memo. 1974-285. An expert's opinion may be of assistance to the
Court, but the Court may reach a determination of value based
upon its own analysis of all the evidence in the record.
Silverman v. Commissioner, supra at 933.
Barker's report explains his methodology and the factual
basis for his conclusions in compliance with the requirements of
Rule 143(f) regarding expert witness reports. We admitted
Barker's report into evidence and do not choose to disregard it,
as petitioner seems to suggest.
Petitioner has accepted Barker as an expert in real estate
appraisal and has not contested the substance of his testimony.
Berry testified only to a description of the property and that it
served as petitioner's offices and storage space in spite of its
noncompliance with local zoning. The evidence suggests no
possibility of rezoning during the years at issue or in the
foreseeable future. Petitioner has offered no evidence of the
property's fair market rental value. We find the fair market
rental value of the property to be $8,300 per year.
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