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Newhouse v. Commissioner, 94 T.C. 193, 217 (1990). Where experts
offer conflicting estimates of fair market value, we must weigh
each estimate by analyzing the factors they used to arrive at
their conclusions. Silverman v. Commissioner, supra at 933;
Casey v. Commissioner, 38 T.C. 357, 381 (1962); see also Estate
of Davis v. Commissioner, 110 T.C. 530, 538 (1998).
Each party offered expert testimony with respect to the
value of DP. The estate presented the testimony of Charles
Middleton (Mr. Middleton), a South Carolina State-certified
general real estate appraiser. Mr. Middleton’s report was
attached to the estate tax return, which was received into
evidence. Respondent concedes that Mr. Middleton is an expert in
appraising real estate. The Court, however, limited Mr.
Middleton’s testimony to that of a rebuttal witness since the
estate failed to comply with the Court’s standing pretrial order
to identify him in its pretrial memorandum as a witness it
intended to call at trial.
The estate also presented the testimony of Thomas Hartnett
(Mr. Hartnett), a South Carolina general real estate appraiser
and a certified real estate brokerage manager, as an expert in
land valuation. Mr. Hartnett prepared an expert report in
accordance with Rule 143(f), and the estate properly identified
him as a witness in its pretrial memorandum.
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