Jerrold E. and Helen C. Arbini - Page 9

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          (6th Cir. 1967), affg. 46 T.C. 136 (1966); Lio v. Commisisoner,             
          supra at 70.  In this context, the term “retail” does not mean              
          that the most expensive source is the only source for determining           
          fair market value.  Lio v. Commissioner, supra at 70.  The                  
          determination of the appropriate market for valuation purposes is           
          a question of fact.  See Anselmo v. Commissioner, 757 F.2d at               
          1213; Lio v. Commissioner, supra at 66-67; Chou v. Commissioner,            
          T.C. Memo. 1990–90, affd. without published opinion 937 F.2d 611            
          (9th Cir. 1991).                                                            
               The parties identify two markets for old newspapers.  The              
          first is the retail market.5  In the retail market, individual              
          newspapers are sold to purchasers interested in obtaining a                 
          newspaper from a specific date.  Generally, purchasers in the               
          retail market desire a newspaper from their date of birth or from           
          the date they were married, or from a date on which a significant           
          event occurred.  The sale of these birthday, anniversary, and               
          significant event newspapers is usually done by newspaper                   
          dealers.  Newspaper dealers obtain the old newspapers and                   
          advertise their availability for sale to individual purchasers.             
          Purchasers order a newspaper from the specific date that they are           
          interested in and the dealer provides the newspaper, usually in             

               5For purposes of this case, we use the term “retail” to                
          refer to the market where sales of individual newspaper issues or           
          comic strips are made to different purchasers interested in                 
          specific issues or comic strips.                                            

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