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alienation, and possession that survived the death of the Decedent." "The record on appeal is sufficient for us to render a final judgment and dispose of the sole issue in this case without prolonging it by remand at the cost of more time and money to the parties." "[We] hold that the correct quantums of the fractional-ownership discounts applicable to the Decedent's pro rata share of the stipulated FMVs of the various works of art are those determined by the Estate's experts...." As you can read in the above quotes from the Fifth Circuit, this was a complete rejection of the Tax Court's valuation discount decision in Elkins. As a sop to the Judge in Elkins, the Fifth Circuit stated, "We are never comfortable in disagreeing with, much less reversing, a jurist of the experience, reputation, and respect enjoyed by the Tax Court judge whose work product we are called on to review today. Yet, our review of the court's extensiveexplication of this case and its ultimate conclusion that the proper discount is 10 percent, leaves us with the `definite and firm conviction that a mistake has been made.'" 1-1}No. 13-60472 (September IS. 2014) overturning Estate of Elkins 140 T.C. No. 5 (March I I, 2013) :Mr. Hall is a Managing Director of FMV Opinions, Inc.. a national valuation and investment banking firm with offices in New York, San Francisco, Irvine, and Dallas. Mr. Hall heads up FMV's estate and gift tax valuation practice. He may be reached at Walla fmv.com. Additional information regarding FMV Opinions. Inc. can be accessed at www.fmv.com. 121 The Fifth Circuit, while never addressing this issue directly, clearly considered the co-tenant agreement in its overturning of the Tax Court's conclusions. This author has previously faulted the Tax Court's decision in Elkins because the Tax Court failed to consider the exceptions to Section 2703(a) found in Section 2703(b). The co-tenant agreement appeared to qualify under each of the three exceptions in Section 2703(b). r 2014 FMV Opinions. Inc. Contact U% Thank you for your interest in FMV and The FMV Valuation Nert. Please do not respond to Ms email. An questions and cermet can be adlressed to Njoetimv corn To unsubscnto, reply to this email with *unsubscnbte in the subject or simply click on the fdlowingtfroubocnbt 'This is not intended or mitten to be used, and cannot be used by any taxpayer or advisor to a taxpayer, for the purpose of avoiding penalties that may be imposed upon the taxpayer or advisor by the IRS. Nor is this writing legal advice and it should not be construed as such? FMV Opinions, Inc. 3333 Michelson Drive. Suite 900 Irvine. CA 92612 New York • San Francisco - Irvine - Dallas This e-mail was sent by FMV Opinions, Inc., located at 3333 Michelson Drive, Suite 900, Irvine, CA 92612 (USA). To receive no further e- mails, please click here or reply to this e-mail with "unlist* in the Subject line. CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0114414 CONFIDENTIAL SONY GM_00260598 EFTA01455573