Estate of Georgina T. Gimbel, Deceased, Janet G. Rogers, JoAnne M. Gimbel, and Thomas W. Gimbel, Co-Executors and Co-Trustees - Page 16

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          of stock may affect the valuation of the shares.  Shackleford v.            
          United States, 262 F.3d 1028, 1032 (9th Cir. 2001); Bayley v.               
          Commissioner, 624 F.2d 884, 885 (9th Cir. 1980), affg. 69 T.C.              
          234 (1977).                                                                 
               Property included in an estate is valued as of the date of             
          the decedent’s death, and subsequent post-death events relating             
          to the property being valued generally are to be disregarded.               
          Ithaca Trust Co. v. United States, 279 U.S. 151, 155 (1929);                
          Succession of McCord v. Commissioner, 461 F.3d 614, 626 (5th Cir.           
          2006), revg. 120 T.C. 358 (2003).                                           
               However, subsequent events which are reasonably foreseeable            
          as of the valuation date may be considered because they would be            
          foreseeable by a willing buyer and a willing seller, and they               
          therefore would affect the valuation of the property as of the              
          date of death.  Saltzman v. Commissioner, 131 F.3d 87, 93 (2d               
          Cir. 1997), revg. T.C. Memo. 1994-641; Trust Servs. of Am., Inc.            
          v. United States, 885 F.2d 561, 569 (9th Cir. 1989); Morris v.              
          Commissioner, 761 F.2d 1195, 1201 (6th Cir. 1985), affg. T.C.               
          Memo. 1982-508; Estate of Gilford v. Commissioner, supra at 54.             
               One expert may be persuasive on a particular element of                
          valuation, and another expert may be persuasive on another                  
          element.  See Parker v. Commissioner, 86 T.C. 547, 562 (1986).              
          Consequently, a court may adopt some and reject other portions of           








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