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that decedent’s BCC stock had a fair market value of $7,921,975.
The estate timely petitioned this Court for redetermination.
VII. Expert Testimony
The estate submitted the expert report and testimony of John
T. Grizzle in support of its contention that the terms of the
buy-sell agreement at issue were comparable to similar agreements
entered into by persons in arm’s-length transactions within the
meaning of section 2703(b)(3).
In light of the possibility that the value stipulated in the
buy-sell agreement at issue would be disregarded in this
proceeding, both the estate and respondent submitted expert
reports and testimony regarding the fair market value of
decedent’s BCC stock as of the valuation date. The estate
offered Mr. Grizzle and Gerald M. Fodor as experts in valuation
of closely held companies. Respondent offered James R.
Hitchner.10
10 Before trial, respondent also indicated that he would
seek to have the appraisals of BCC performed by BVS for purposes
of the ESOP received into evidence as party admissions.
Respondent has not maintained this contention on brief, and we
deem it abandoned. See Bradley v. Commissioner, 100 T.C. 367,
370 (1993); Sundstrand Corp. v. Commissioner, 96 T.C. 226, 344
(1991); Rybak v. Commissioner, 91 T.C. 524, 566 n.19 (1988).
Moreover, neither party made any attempt to comply with the
requirements of Rule 143(f) for submitting the BVS appraisals as
expert testimony.
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