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e.g., Bailey v. Commissioner, 993 F.2d 288, 293 (2d Cir.
1993), affg. T.C. Memo. 1992-72; Lebowitz v. Commissioner,
917 F.2d 1314, 1318 (2d Cir. 1990), revg. and remanding
T.C. Memo. 1989-178. In the case of EA 83-XII, we must
determine the fair market values of the properties as of
December 1982; and, in the case of EA 84-III, we must
determined the fair market values of the properties as of
September 1983.
The fair market value of an item of property is "the
price at which the property would change hands between a
willing buyer and a willing seller, neither being under
any compulsion to buy or to sell and both having reason-
able knowledge of relevant facts." E.g., United States
v. Cartwright, 411 U.S. 546, 551 (1973); Narver
v. Commissioner, 75 T.C. 53, 96 (1980), affd. per curiam
670 F.2d 855 (9th Cir. 1982); McShain v. Commissioner, 71
T.C. 998, 1004 (1979); see sec. 1.170A-1(c)(2), Income Tax
Regs.; sec. 20.2031-1(b), Estate Tax Regs.; sec. 25.2512-
1, Gift Tax Regs. This is a question of fact to be
determined from an examination of the entire record. See,
e.g., Lio v. Commissioner, 85 T.C. 56, 66 (1985), affd.
sub nom. Orth v. Commissioner, 813 F.2d 837 (7th Cir.
1987); McShain v. Commissioner, supra at 1004.
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