Corn Products case

Corn Products case
Where corn products manufacturer, as an integral part of its manufacturing business and to protect itself against rises in price of raw corn, bought corn futures, accepting delivery in some cases and in other cases reselling futures upon spot purchase of corn, profits on resale of futures were taxable as ordinary income, rather than as capital gains, even though the transactions did not constitute true hedging in that there was no protection against fall in price. Corn Products Refining Co. v. Commission of Internal Revenue, 350 U.S. 46, 76 S.Ct. 20, 100 L.Ed. 29

Black's law dictionary. . 1990.

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