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buyer and a willing seller, neither being under any compulsion to
buy or to sell and both having reasonable knowledge of relevant
facts". See, e.g., United States v. Cartwright, 411 U.S. 546,
551 (1973); sec. 20.2031-1(b), Estate Tax Regs.; sec. 25.2501-1,
Gift Tax Regs.
The determination of fair market value is a question of fact
to be resolved from all the evidence. Estate of Ford v.
Commissioner, 53 F.3d 924, 926 (8th Cir. 1995), affg. T.C. Memo.
1993-580. Valuation is necessarily an approximation and is, in
great part, a question of judgment rather than math or formula.
Hamm v. Commissioner, 325 F.2d 934, 940 (8th Cir. 1963), affg.
T.C. Memo. 1961-347. As the estate has not demonstrated that
section 7491(a) applies, the estate bears the burden of proving
that the values determined by respondent are incorrect. Rule
142(a).
Evaluation of Expert Testimony
At trial respondent offered the testimony of Agent
Puntenney, purportedly as a fact witness, to explain the
methodology he employed in reaching the values determined for
decedent's farm land in the notice of deficiency. The estate
objected on the grounds that such testimony necessarily involved
the presentation of expert opinion, which was impermissible given
that respondent had neither established Agent Puntenney's
qualifications as an expert nor offered an expert report in
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