- 23 -
light of his or her qualifications and with regard to all other
evidence in the record. Id.; IT&S of Iowa, Inc. v. Commissioner,
97 T.C. 496, 508 (1991); Parker v. Commissioner, 86 T.C. 547, 561
(1986). We are not bound by an expert’s opinion, especially when
it is contrary to our own judgment. Trans City Life Ins. Co. v.
Commissioner, supra at 302. If we believe it is appropriate to
do so, we may adopt an expert’s opinion in its entirety, or we
may reject it in its entirety. Helvering v. National Grocery
Co., 304 U.S. 282, 294-295 (1938); see Buffalo Tool & Die
Manufacturing Co. v. Commissioner, 74 T.C. 441, 452 (1980).
We may also choose to adopt only parts of an expert’s opinion.
Parker v. Commissioner, supra at 562.
The Court recognized Robert M. Zimmerman, petitioners'
first expert, as an expert on shrinkage in the retail industry,
as well as on matters of GAAP. Mr. Zimmerman has been a
certified public accountant (C.P.A.) since 1959, and he has
worked for a national accounting firm for 15 years as a partner
and/or director, specializing in the retail industry and
directing the firm's operations therein. Mr. Zimmerman consults
currently in the retail industry, and he has written repeatedly
on the subject of retail accounting and financial control.
Mr. Zimmerman holds an undergraduate degree in accounting and a
master's degree in taxation, both from New York University.
The Court recognized petitioners' second expert,
Thomas E. Doerfler, as an expert on statistics. Dr. Doerfler has
Page: Previous 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 NextLast modified: May 25, 2011