- 94 -
Commissioner, 74 T.C. 441, 452 (1980), we may also be selective
in the use of any portion of such an opinion, Parker v.
Commissioner, supra at 562. Consequently, we consider expert
opinion testimony only to the extent that it aids us in arriving
at the fair market value of the property. Moreover, because
valuation is necessarily an approximation, it is not required
that the value we determine be one as to which there is specific
testimony, provided that it is within the range of figures that
properly may be deduced from the evidence. Silverman v.
Commissioner, 538 F.2d 927, 933 (2d Cir. 1976), affg. T.C. Memo.
1974-285; Anderson v. Commissioner, 250 F.2d 242, 249 (5th Cir.
1957), affg. in part and remanding in part T.C. Memo. 1956-178.
With these principles in mind, we turn to valuation of the
Redwood City Fox. We discuss the theater component of the
property separately from the retail/office component.
A. Valuation of Theater Component
Utilizing the comparable sales approach, the experts
estimated the following values for the theater component of the
Redwood City Fox:
Value Estimate
Ingram/Ewing $3,850,115
Mitten/Reynolds 3,300,000
Carneghi 2,000,000
Mansbach 660,000
As the above figures indicate, respondent's expert,
Mansbach, valued the theater component much lower than the other
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