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CORN PRODUCTS CO. v. COMMISSIONER

No. 20.

350 U.S. 46 (1955)

CORN PRODUCTS REFINING CO. v. COMMISSIONER OF INTERNAL REVENUE.

Supreme Court of United States.

Decided November 7, 1955.

Attorney(s) appearing for the Case

Jay O. Kramer and Samuel A. McCain argued the cause and filed a brief for petitioner.

Charles K. Rice argued the cause for respondent. With him on the brief were Solicitor General Sobeloff, Assistant Attorney General Holland, Charles F. Barber, Ellis N. Slack, Hilbert P. Zarky and Harry Marselli.

MR. JUSTICE CLARK delivered the opinion of the Court.

This case concerns the tax treatment to be accorded certain transactions in commodity futures.1 In the Tax Court, petitioner Corn Products Refining Company contended that its purchases and sales of corn futures in 1940 and 1942 were capital-asset transactions under § 117 (a) of the Internal Revenue Code of 1939. It further contended that...

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