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Regs.; United States v. Cartwright, 411 U.S. 546, 550-551 (1973);
Johnson v. Commissioner, 85 T.C. 469 (1985). Fair market value
is a question of fact to be determined from an examination of the
entire record. See Lio v. Commissioner, 85 T.C. 56, 66 (1985),
affd. sub nom. Orth v. Commissioner, 813 F.2d 837 (7th Cir.
1987). Fair market value is a question of judgment rather than
mathematics. See Hamm v. Commissioner, 325 F.2d 934, 940 (8th
Cir. 1963), affg. T.C. Memo. 1961-347. Valuation is an
approximation derived from all the evidence. See Helvering v.
Safe Deposit & Trust Co., 316 U.S. 56, 66-67 (1942).
No one from IMS or any of the appraisers testified at trial.
Petitioner presented no evidence to refute the conclusions of
respondent's appraisers or to show why the $80,000 value
determined by his appraiser grossly exceeded the $47,960 value
determined through two reputable "blue book" guides. Weighing
heavily against petitioner's $80,000 valuation claim is the sale
of the boat for $35,000 by IMS less than 1 month after IMS
acquired it from him. On this record, the Court is satisfied
that the boat did not have a value in excess of $47,960 on the
date of the bargain sale on December 30, 1994. Respondent,
therefore, is sustained.
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