Estate of Cyril I. Magnin, Deceased, Donald Isaac Magnin, Executor - Page 19




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               condition of the business.                                             
                    (d) The earning capacity of the company.                          
                    (e) The dividend-paying capacity.                                 
                    (f) Whether or not the enterprise has goodwill or                 
               other intangible value.                                                
                    (g) Sales of the stock and the size of the block                  
               of stock to be valued.                                                 
                    (h) The market price of stocks of corporations                    
               engaged in the same or a similar line of business                      
               having their stocks actively traded in a free and open                 
               market, either on an exchange or over-the-counter.                     
               [Rev. Rul. 59-60, 1959-1 C.B. at 238-239.]                             
               Both parties relied on the reports and testimony of expert             
          witnesses to assign values to the consideration received by Cyril           
          and the property interest transferred by Cyril.  While expert               
          opinions may assist in evaluating a claim, we are not bound by              
          these opinions and may reach a decision based on our own analysis           
          of all the evidence in the record.  See Helvering v. National               
          Grocery Co., 304 U.S. 282, 295 (1938); Estate of Newhouse v.                
          Commissioner, supra.  Where experts offer conflicting estimates             
          of fair market value, we examine the factors they used and decide           
          the appropriate weight given to each.  See Casey v. Commissioner,           
          38 T.C. 357, 381 (1962).  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, see Parker v. Commissioner, 86 T.C. 547,            
          562 (1986).  Because valuation necessarily results in an                    






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