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performed more than 700 appraisals since he entered the valuation
field in 1986, and he is an accredited member of the American
Society of Appraisers and the Institute of Business Appraisers.
We recognized Mr. Fowler as an expert on business valuation, but
we expressed our concern that he might be biased because he was a
full-time employee of the Commissioner. Mr. Fowler's initial
report ascertained the value of Seminole stock as of December 8,
1993, the date for which the Merrill Lynch report had set forth a
value. We did not admit this report into evidence. We held it
was irrelevant because the December 8, 1993, valuation date set
forth therein was too far removed from the applicable April 14,
1994, valuation date. We did admit into evidence his
supplemental report, limiting its admissibility to a rebuttal of
Mr. Tack's supplemental report. Mr. Fowler's supplemental report
analyzed the marketability discount in the context of the
Mandelbaum factors, stating that an analysis of those factors
favored a marketability discount of 15 percent.
We have wide discretion when it comes to accepting expert
testimony. Sometimes, an expert will help us decide a case.
See, e.g., Booth v. Commissioner, 108 T.C. 524, 573 (1997); Trans
City Life Ins. Co. v. Commissioner, 106 T.C. 274, 302 (1996); see
also M.I.C. Ltd. v. Commissioner, T.C. Memo. 1997-96; Proios v.
Commissioner, T.C. Memo. 1994-442. Other times, he or she will
not. See, e.g., Estate of Scanlan v. Commissioner, T.C. Memo.
1996-331; Mandelbaum v. Commissioner, supra. We weigh an
expert's testimony in light of his or her qualifications and with
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