Bank One Corporation - Page 123

                                        -202-                                         
          894 (7th Cir. 1985) (“a rule has developed that subsequent events           
          are not considered in fixing fair market value, except to the               
          extent that they were reasonably foreseeable at the date of                 
          valuation”).                                                                
               Two years after Hewes, the Board adopted the ATB’s                     
          recommendation that fair market value be determined by viewing              
          neither the willing buyer nor the willing seller as being under a           
          compulsion to buy or to sell the item subject to valuation.                 
          Hudson River Woolen Mills v. Commissioner, 9 B.T.A. 862, 868                
          (1927).  After that case, the Board observed that neither the               
          willing buyer nor the willing seller was an actual person but was           
          viewed as a hypothetical person mindful of all relevant facts.              
          Natl. Water Main Cleaning Co. v. Commissioner, 16 B.T.A. 223                
          (1929); accord Estate of Bright v. United States, 658 F.2d 999,             
          1005-1006 (5th Cir. 1981) (clarifies that the views of both a               
          hypothetical buyer and a hypothetical seller must be taken into             
          account, and that the characteristics of each hypothetical person           
          may differ from the personal characteristics of the actual seller           
          or a particular buyer); Kolom v. Commissioner, 644 F.2d 1282,               
          1288 (9th Cir. 1981) (same), affg. 71 T.C. 235 (1978); Pabst                
          Brewing Co. v. Commissioner, T.C. Memo. 1996-506 (focusing too              
          much on the view of one hypothetical person, to the neglect of              
          the view of the other, is contrary to a determination of fair               
          market value); cf. Estate of Andrews v. Commissioner, 79 T.C.               






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