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the covenant does not appear to have been the subject of
negotiation.
Based upon the above analysis, we hold that the noncompete
agreements had economic reality; the evidence on this point on
petitioners' behalf is overwhelming.
Value of the Noncompete Agreements
The parties each called expert witnesses to give their
opinions about the value of the covenants. As the trier of fact,
we must weigh the evidence presented by the experts in light of
their demonstrated qualifications in addition to all other
credible evidence. Estate of Christ v. Commissioner, 480 F.2d
171, 174 (9th Cir. 1973), affg. 54 T.C. 493 (1970). However, we
are not bound by the opinion of any expert witness when that
opinion is contrary to our judgment. Estate of Kreis v.
Commissioner, 227 F.2d 753, 755 (6th Cir. 1955), affg. T.C. Memo.
1954-139; Chiu v. Commissioner, 84 T.C. 722, 734 (1985). We may
accept or reject expert testimony as we find appropriate in our
best judgment. Helvering v. National Grocery Co., 304 U.S. 282,
294-295 (1938); Seagate Tech., Inc. & Consol. Subs. v.
Commissioner, 102 T.C. 149, 186 (1994).
a. Respondent's Expert
Respondent's expert, Paul H. Meade, is a valuation engineer
for the Internal Revenue Service (IRS) and a registered
professional engineer licensed in the State of Oklahoma. He has
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