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examining the factors they used in arriving at their conclusions.
See Casey v. Commissioner, 38 T.C. 357, 381 (1962). While we may
accept an expert opinion in its entirety, Buffalo Tool & Die
Manufacturing Co. v. Commissioner, 74 T.C. 441, 452 (1980), we
may be selective in the use of any part of such opinion or reject
the opinion in its entirety. Parker v. Commissioner, supra at
561. We may also reach a determination of value based on our own
examination of the evidence in the record. See Estate of Davis
v. Commissioner, 110 T.C. 530, 538 (1998). Finally, because
valuation necessarily results in an approximation, the figure at
which we arrive need not be directly attributable to specific
testimony if it is within the range of value that may be properly
arrived at from consideration of the evidence. See Silverman v.
Commissioner, 538 F.2d 927, 933 (2d Cir. 1976), affg. T.C. Memo.
1974-285.
Respondent relies on the expert report of Alan C. Shapiro
(Shapiro), a professor of banking and finance at the University
of Southern California, Marshall School of Business, in valuing
Schlegel UK and Schlegel GmbH. Petitioner relies on the expert
reports of Lawrence B. Gooch (Gooch) of PricewaterhouseCoopers
LLP and Kenneth R. Button (Button) of Economic Consulting
Services, Inc., in valuing Schlegel UK and relies on the expert
report of Wilfried Lahmann (Lahmann) of Schitag Ernst & Young in
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