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| Corn Products Refining Co. v. Commissioner ： ウィキペディア英語版 |
Corn Products Refining Co. v. Commissioner
''Corn Products Refining Company v. Commissioner'', 350 U.S. 46 (1955), is a United States Supreme Court decision that helps taxpayers classify whether or not the disposition of a commodity futures contract by a business of raw materials as part of its hedging of business risk is an ordinary or capital gain or loss for income tax purposes.
== Facts ==
Corn Products suffered large losses in the early 1930s when prices of its main raw material grain corn rose dramatically during droughts in the MidWest Dust Bowl era. As a result, it later engaged futures contracts to protect itself from such prices rises in the future. In its initial tax returns of 1940 and 1942 declared gains and losses on such futures contracts to be ordinary. Later on amended returns the taxpayer reversed itself.
The Commissioner of the Internal Revenue Service held the such gains and losses were not a capital, but rather ordinary loss.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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