SmartBrief
Confirm favorite deletion?
Income Tax Keyed to Bankman
Corn Products Refining Co. v. Commissioner
Citation:
350 U.S. 46 (1955)Facts
In the 1930s, droughts had been causing shortages and price increases in the cost of corn. In 1937, Petitioner, a manufacturer of corn products, began a practice of buying corn futures as a way to mitigate against these price increases. In 1940, Petitioner netted $680,587.39 in profit from its corn futures but suffered a loss of $109,969.38 in 1942. It reported a capital gain from the futures for 1940 and a capital loss for 1942. The Commissioner of Internal Revenue asserted a deficiency, finding that the futures were an integral part of the Petitioner’s manufacturing operations and thus Petitioner could only report ordinary income or loss in accordance with § 1221.
Only StudyBuddy Pro offers the complete Case Brief Anatomy*
Access the most important case brief elements for optimal case understanding.
*Case Brief Anatomy includes: Brief Prologue, Complete Case Brief, Brief Epilogue
- The Brief Prologue provides necessary case brief introductory information and includes:
Topic:
Identifies the topic of law and where this case fits within your course outline.Parties:
Identifies the cast of characters involved in the case.Procedural Posture & History:
Shares the case history with how lower courts have ruled on the matter.Case Key Terms, Acts, Doctrines, etc.:
A case specific Legal Term Dictionary.Case Doctrines, Acts, Statutes, Amendments and Treatises:
Identifies and Defines Legal Authority used in this case.
- The Case Brief is the complete case summarized and authored in the traditional Law School I.R.A.C. format. The Pro case brief includes:
Brief Facts:
A Synopsis of the Facts of the case.Rule of Law:
Identifies the Legal Principle the Court used in deciding the case.Facts:
What are the factual circumstances that gave rise to the civil or criminal case? What is the relationship of the Parties that are involved in the case.Issue(s):
Lists the Questions of Law that are raised by the Facts of the case.Holding:
Shares the Court's answer to the legal questions raised in the issue.Concurring / Dissenting Opinions:
Includes valuable concurring or dissenting opinions and their key points.Reasoning and Analysis:
Identifies the chain of argument(s) which led the judges to rule as they did.
- The Brief Prologue closes the case brief with important forward-looking discussion and includes:
Policy:
Identifies the Policy if any that has been established by the case.Court Direction:
Shares where the Court went from here for this case.