- 60 -
report and a rebuttal report (collectively referred to as Mr.
Black's reports).
We evaluate the opinions of experts in light of the qualifi-
cations 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 remanding in part T.C. Memo. 1983-200). We shall disregard
any opinion of an expert that constitutes nothing more than that
expert's legal opinion or conclusion about a particular matter.
See Marx & Co. v. Diners' Club Inc., 550 F.2d 505, 508-512 (2d
Cir. 1977); Laureys v. Commissioner, 92 T.C. 101, 127-129 (1989).
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. Commis-
sioner, 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
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