Corn Products Refining Co. v. Commissioner

Corn Products (plaintiff), a corn manufacturer, bought and sold corn-futures contracts specifically to secure a stable, affordable corn supply for its manufacturing business rather than as a separate investment strategy, netting a profit in one year and a loss in another; it reported those gains and losses as capital gains and losses, but the Commissioner (defendant) determined they were ordinary income and losses, and the Tax Court and court of appeals agreed.