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their briefs to the issue of the correct fair market value of the
Brown Road property, the 220 acres, and other real properties not
in issue.
Determining fair market value is an exercise in judgment on
the part of the trier of fact. See Colonial Fabrics, Inc. v.
Commissioner, 202 F.2d 105, 107 (2d Cir. 1953). Rarely would a
good faith disagreement by the parties over fair market value
establish fraudulent intent.
Seven experts testified at trial regarding the valuation of
the 220 acres and the Brown Road property. Ken Wilson and Ray
Jackson, two of the experts, testified that appraisers could
disagree and reach different conclusions.
Even if Mr. Garrison had negligently or fraudulently
overvalued the properties he appraised, the record in this case
does not demonstrate that Mr. Davis was aware of such negligent
or fraudulent behavior on the part of Mr. Garrison.
3. Conclusion
We conclude that Mr. Davis' use of Mr. Garrison as an
appraiser and his reliance on Mr. Garrison's appraisals do not
establish that Mr. Davis had the requisite fraudulent intent.
D. Brown Road Property
Respondent also argues that the donation of the Brown Road
property was a barter transaction in which Mr. Davis had an
understanding with the MBC, before he made the donation, that his
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