CORN PRODUCTS REFINING COMPANY v. COMMISSIONER

Docket No. 22074.

11 T.C.M. 721 (1952)

Corn Products Refining Company v. Commissioner.

United States Tax Court.

Entered June 30, 1952.


Attorney(s) appearing for the Case

Jay O. Kramer, Esq., and Samuel A. McCain, Esq., for the petitioner. Walt Mandry, Esq., for the respondent.


Memorandum Findings of Fact and Opinion

OPPER, Judge:

Respondent determined deficiencies for the year 1942 in excess profits tax and declared value excess profits tax of $1,520,519.39 and $14,487.94, respectively. Petitioner does not contest certain adjustments. The issues remaining are:

1(a). Whether the profits and losses sustained by petitioner in the years 1939 to 1942, inclusive, on the purchase and sale of corn futures constituted capital gains...

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