Corn Products Refining Co. v. Commissioner

This case concerns the tax treatment to be accorded certain transactions in commodity futures. 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 its futures transactions came within the “wash sales” provisions of § 118. The 1940 claim was disposed of on the ground that § 118 did not apply, but for the year 1942 both the Tax Court and the Court of Appeals for the Second Circuit, 215 F. 2d 513, held that…