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Commissioner, 116 T.C. 121, 131 (2001). We are not bound by the
expert opinions, and we may determine value based on our own
examination of the record. It is the responsibility of the
parties to instruct the experts of all the relevant facts that
might affect the valuation. Estate of Hall v. Commissioner, 92
T.C. 312, 338 (1989). If the parties fail to provide the experts
with complete information concerning material facts or reasonable
assumptions to be made, the reliability of the experts is
undermined. Prior to trial, respondent instructed his experts to
value the LKHP properties as if the BLA encumbered only the
University property. At the conclusion of testimony in this
case, the Court agreed with the estate’s contention that the
exhibits to the BLA were inadvertently switched and that the BLA
encumbered the Orange County properties as well as the University
property. The Court further concluded that the BLA did not
terminate at decedent’s death. Nonetheless, in the briefs,
respondent argues that the BLA should be disregarded, that the
BLA terminated at the death of decedent, that the exhibits to the
BLA were not mistakenly switched, and that the BLA encumbered
only the University property.
The estate contends that the BLA was: (1) A contract for
services provided by Hillgren who would facilitate the
forbearance and extensions of the Puccio, Huettner, and Safeco
loans; (2) a loan guaranty agreement where Hillgren agreed
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