- 112 -
See, e.g., Goldstein v. Commissioner, supra at 545-546;
Lio v. Commissioner, supra at 70. In the normal
situation, a sale to the ultimate consumer is a sale to
a retail customer. See Lio v. Commissioner, 85 T.C. at
66; Anselmo v. Commissioner, 80 T.C. at 882. This is not
invariably the case, however, because the term "public"
refers to the "customary purchasers" of an item of
property and not necessarily to individual consumers.
Anselmo v. Commissioner, 757 F.2d at 1214. In Anselmo
the Court of Appeals noted, for example, that the
buying public for live cattle comprises primarily
slaughterhouses, rather than individual consumers. See
id. Therefore, in Anselmo, the Court of Appeals agreed
with the finding of this Court that the market for low
quality, unmounted gems was the market in which jewelry
manufacturers and jewelry stores purchase stones to create
jewelry items, rather than the retail market in which
individual purchasers buy finished jewelry. Similarly, in
Akers v. Commissioner, supra at 246, the court found that
the market for a tract of land containing approximately
1,250 acres was the market for large tracts of over 1,000
acres and not the market for properties averaging less
than a tenth that size. The court noted that the
"ultimate consumer" of a 50-acre lot "does not normally
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