For those seeking the very smallest file size due to reduction of color pallete, you should know that the TIFF-IV
( specifically -IV ) has a single bit ( black or white ) color pallette that is used by the Smithsonian and the US Patent
office for the digital storage of all documents. So if you are interested in reduced file size for documents or
drawings, the TIFF-IV is the solution. BTW, this is also a standard in the engineering and construction industry
and was not surprisingly invented for FAX transmissions long long time ago.