Estate of Morton B. Harper, Deceased, Michael A. Harper, Executor - Page 50




                                       - 50 -                                         
          Cronkite, CA, ASA, prepared reports on behalf of the estate,1 and           
          John A. Thomson, ASA, MAI, prepared reports on behalf of                    
          respondent.  We evaluate expert testimony in light of all                   
          evidence contained in the record and may accept or reject the               
          proffered opinions, in whole or in part, according to our own               
          judgement.  Helvering v. Natl. Grocery Co., 304 U.S. 282, 295               
          (1938); Shepherd v. Commissioner, 115 T.C. at 390.  In                      
          particular, “‘The persuasiveness of an expert’s opinion depends             
          largely upon the disclosed facts on which it is based.’”                    
          Shepherd v. Commissioner, supra at 390 (quoting Estate of Davis             
          v. Commissioner, 110 T.C. 530, 538 (1998)).                                 
               The respective appraisals by Mr. Cronkite and Mr. Thomson of           
          HFLP’s net asset value are summarized below:                                

                         ASSET                 Mr. Cronkite   Mr. Thomson             
          Cash                                     $2,517        $2,517               
          Marketable Securities                   832,299       832,299               
                (M.L. Stern & Co. Account)                                            
          California Tax-Free Income Fund          63,817        63,817               
                (M.L. Stern & Co. Account)                                            
          Franklin AGE High Income Fund            69,130        69,130               
          Franklin California Tax-Free Fund       249,979       249,979               
          Putnam American Government Income Fund   71,017        71,017               

               1 The report submitted on behalf of the estate valuing HFLP            
          as of February 1, 1995, contains a certification signed by both             
          Mr. Cronkite and Helena Nam Reich, ASA.  However, because it is             
          Mr. Cronkite who testified at trial, whom both parties refer to             
          as petitioner’s expert, and whose qualifications have been                  
          stipulated by the parties, we adopt a similar convention of                 
          referring solely to Mr. Cronkite.                                           





Page:  Previous  40  41  42  43  44  45  46  47  48  49  50  51  52  53  54  55  56  57  58  59  Next

Last modified: May 25, 2011