- 9 -
(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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