Akers v. Commissioner of Internal Revenue

The question presented in these consolidated appeals is whether the Tax Court erred in its determination of the air market value of certain wastewater treatment of the fair market value of certain wastewater treatment equipment donated to Vanderbilt University by William B. Akers and his brother, J. Clark Akers, III. In a memorandum opinion reported at P 84,207 P-H Memo TC (1984), the Tax Court held that the equipment had a fair market value of $75,000. We consider the Tax Courts valuation clearly erroneous.