- 16 -
Found. v. United States, 674 F.2d 761 (9th Cir. 1981); United
States v. Land, 303 F.2d 170 (5th Cir. 1962).
Petitioner introduced the expert report of Beck prepared for
purposes of the present proceeding. In addition, the parties
stipulated into evidence the expert reports that were prepared
for the equitable distribution proceedings. Finally, Beck,
Dvorak, Kaye, and Keith all testified as expert witnesses at
trial. Expert opinion sometimes aids the Court in determining
valuation; other times, it does not. See Laureys v.
Commissioner, 92 T.C. 101, 129 (1989). We evaluate such opinions
in light of the demonstrated qualifications of the expert and all
other evidence of value in the record. See Estate of Newhouse v.
Commissioner, 94 T.C. 193, 217 (1990). We are not bound,
however, by the opinion of any expert witness when that opinion
contravenes our judgment. See id. We may accept the opinion of
an expert in its entirety, see Buffalo Tool & Die Manufacturing
Co. v. Commissioner, 74 T.C. 441, 452 (1980), or we may be
selective in the use of any portion thereof, see Parker v.
Commissioner, 86 T.C. 547, 562 (1986).
Options
We must first decide whether the value of each interest is
limited by the option provision contained in each partnership
agreement. Petitioner claims that the fair market value of each
partnership interest is limited to the $10,000 option price, or
in the alternative, that the option provision otherwise affects
Page: Previous 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 NextLast modified: May 25, 2011