-11-
fact that the Court admits an expert’s opinion into
evidence does not mean that the underlying facts upon
which the expert relied are also admitted into
evidence. Anchor Co. v. Commissioner, 42 F.2d 99
(4th Cir. 1930); Rogers v. Commissioner, 31 B.T.A. 994,
1006 (1935); see United States v. Scheffer, 523 U.S.
303, 317 n.13 (1998) (whereas expert opinion is
considered evidence, the facts upon which such an
expert relies in forming that opinion are not
considered evidence until introduced at trial by a fact
witness); see also United States v. 0.59 Acres of Land,
109 F.3d 1493, 1496 (9th Cir. 1997). In a case such as
this, where an expert witness relies upon facts which
are critical to the Court’s analysis of an issue, we
expect that the party calling the witness will enter
into evidence those critical facts. * * * [Haffner’s
Serv. Stations, Inc. v. Commissioner, T.C. Memo.
2002-38, affd. 326 F.3d 1 (1st Cir. 2003).]
II. Rules on Valuation
The value of property for Federal estate tax purposes is a
factual inquiry in which the trier of fact must weigh all
relevant evidence and draw appropriate inferences to arrive at
the property’s fair market value. Commissioner v. Scottish Am.
Inv. Co., 323 U.S. 119, 123-125 (1944); Helvering v. Natl.
Grocery Co., 304 U.S. 282, 294 (1938); sec. 20.2031-1(b), Estate
Tax Regs. For this purpose, fair market value is the price that
a hypothetical willing buyer would pay a hypothetical willing
seller, both persons having reasonable knowledge of all relevant
facts and neither person under a compulsion to buy or to sell.
Sec. 20.2031-1(b), Estate Tax Regs.; see also United States v.
Cartwright, 411 U.S. 546, 551-552 (1973); Estate of Fitts v.
Commissioner, 237 F.2d 729, 731 (8th Cir. 1956), affg. T.C. Memo.
1955-269; Estate of Scanlan v. Commissioner, T.C. Memo. 1996-331,
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