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petitioner’s “incomplete gift argument”, and for the same
reasons, we also reject petitioner’s “bad business bargain” or
“unilateral mistake” arguments.
Valuation
Valuation is a question of fact, and the trier of fact must
weigh all relevant evidence to draw the appropriate inferences.
See Commissioner v. Scottish Am. Inv. Co., 323 U.S. 119, 123-125
(1944); Helvering v. National Grocery Co., 304 U.S. 282, 294-295
(1938).
Fair market value is defined for Federal estate and gift
tax purposes as the price that a willing buyer would pay a
willing seller, both having reasonable knowledge of all the
relevant facts and neither being under compulsion to buy or to
sell. See United States v. Cartwright, 411 U.S. 546, 551 (1973)
(citing sec. 20.2031-1(b), Estate Tax Regs.); see also Snyder v.
Commissioner, 93 T.C. 529, 539 (1989). The willing buyer and the
willing seller are hypothetical persons, rather than specific
individuals or entities, and the individual characteristics of
these hypothetical persons are not necessarily the same as the
individual characteristics of the actual seller or the actual
buyer. See Estate of Curry v. United States, 706 F.2d 1424,
1428-1429, 1431 (7th Cir. 1983); Estate of Bright v. United
States, 658 F.2d 999, 1005-1006 (5th Cir. 1981); Estate of
Newhouse v. Commissioner, 94 T.C. 193, 218 (1990); see also
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