From: Calgary, Alberta, Canada
Registered: Nov 2015
posted January 30, 2018 11:30 AM
Looks like a 60-second TV commercial. The "live tag" refers to a gap for a voice-over announcer from the local station to insert something like "Now showing at the Roxy" or similar. You'll have to watch it, though, to know exactly what it is for.
From: Tohoku, Japan
Registered: Oct 2015
posted January 30, 2018 09:34 PM
Without knowing what the commercial is for, it would probably be difficult to put a value on it. If the commericial is in color, then the color had probably faded from the film.
If you try and sell it in an auction, sellers will want to know if it has a vinegar smell and whether the film has faded.
Search on ebay for "16mm film commercial" and that will give you an idea of what these sell for.