Agway, Inc. v. United States

My only point of dissent with the majority opinion is the application of the Corn Products1 doctrine to this case. The majority states, and I agree that:

The rule can be stated to be, and we believe is, that Corn Products will be applied in this court to purchases of company stock to obtain a source of supply only if there is no substantial investment intent.

The majority then looks at the intent involved in the decision to purchase through the cooperative system. However, the *699majority opinion does not look at the taxpayer’s intent but transfers the intent to Congress under Int. Rev. Code of…