- 83 -
T.C. 493 (1970); Parker v. Commissioner, 86 T.C. 547, 561 (1986).
We are not bound by the opinions of an expert, especially when they
are contrary to our own judgment. Orth v. Commissioner, 813 F.2d
837, 842 (7th Cir. 1987), affg. Lio v. Commissioner, 85 T.C. 56
(1985); Silverman v. Commissioner, 538 F.2d 927, 933 (2d Cir.
1976), affg. T.C. Memo. 1974-285. Instead, we may reach a decision
based on our own analysis of all the evidence in the record.
Silverman v. Commissioner, supra at 933. We may accept the opinion
of an expert in its entirety, Buffalo Tool & Die Manufacturing Co.
v. Commissioner, 74 T.C. 441, 452 (1980), or we may be selective in
the use of any portion of such an opinion, Parker v. Commissioner,
supra at 562. We may also reject the expert's opinion in its
entirety. Palmer v. Commissioner, 523 F.2d 1308, 1310 (8th Cir.
1975), affg. 62 T.C. 684 (1974).
A. Petitioner's Expert--Dr. Drew McDermott
Petitioner offered the opinion of Drew McDermott, Ph.D., a
professor of computer science at Yale University. Dr. McDermott's
area of expertise is artificial intelligence, and he has widely
published on that topic. He also has an extensive knowledge of
programming language design and implementation, formal learning
theory, and philosophy of mind. However, Dr. McDermott readily
admitted that he does not maintain much familiarity with the
banking industry or banking software in particular.
Dr. McDermott opined that all eight of the sample internal use
software activities he examined qualify for the R&E credit based on
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