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“The fair market value is the price at which the property would
change hands between a willing buyer and a willing seller,
neither being under any compulsion to buy or sell and both having
reasonable knowledge of relevant facts.” Sec. 1.170A-1(c)(2),
Income Tax Regs.
III. Value of the Contribution
A. Introduction
To support their respective valuations, the parties rely
principally on the testimony of expert witnesses. We have
considered that testimony and, in part, have relied on it in
making our finding.
B. Petitioners’ Expert
1. Gabriel Austin’s Testimony
Gabriel Austin (Austin), petitioners’ expert witness, is an
appraiser and cataloguer who was accepted by the Court as an
expert in the valuation of archives, books, and manuscripts.
Austin prepared a written report for submission to the Court as
his expert testimony (the Austin report). In the Austin report,
Austin expresses separate opinions as to the values on the
contribution date of (1) the coin ledgers, (2) the Chicago Coin
Co. papers, (3) the Virgil Brand estate papers, (4) Armin's
papers, and (5) the Jane Allen papers. Based on Austin’s failure
to comply fully with the standards of Rule 143(f) with respect to
expert witness reports, those portions of the Austin report
expressing opinions as to the values of the Virgil Brand estate
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Last modified: May 25, 2011