- 23 -
were either goodwill or going-concern value. In the alternative,
respondent contends that the covenant not to compete does not
have a limited useful life. Conversely, petitioner argues that
the aggregate payment of $3 million to Scherer was determined by
a willing buyer and a willing seller, and substantiated by its
experts.9
In the instant case, the parties have relied on the opinions
of experts to support their respective views on the fair market
value of the agreements. We evaluate the expert opinion evidence
in light of the qualifications of the expert and with proper
regard for 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. Commissioner, 97 T.C. 496, 508
(1991); Parker v. Commissioner, 86 T.C. 547, 561 (1986). We may
accept or reject an expert's opinion in toto, or we may pick and
choose the portions of the opinion which we choose to adopt.
Helvering v. National Grocery Co., supra at 294-295; Estate of
Kreis v. Commissioner, 227 F.2d 753, 755 (6th Cir. 1955), affg.
T.C. Memo. 1954-139; Seagate Tech., Inc. & Consol. Subs. v.
Commissioner, 102 T.C. 149, 186 (1994); Chiu v. Commissioner, 84
T.C. 722, 734 (1985).
9Hereafter, the covenant not to compete and the secrecy
agreements will, collectively, be referred to as, "the
agreements".
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