Summary+of+Important+Cases

=Cesarini v. United States= p 47

=Commissioner v. Glenshaw Glass= p

=Crane Case= P 135

=Commissioner v. Duberstein= p 69

=Irwin v. Gavit= Section 102(a)

=Mauldin v. Commissioner= Point: Profits received form ordinary course of one's trade or business should be treated as ordinary income and not entitled to capital gains treatment. - The question of whether property is held primarily for sale is not answerable by a "Fixed Formula" - rather there are several factors that aid the analysis. - Reminder: Court of Appeals looking back over the Tax Court decision must determine that the Tax Court's judgment is "Clearly Erroneous" Mauldin factors: P 704

=Malat v. Riddell= Capital Gains treatment may not be given to profits received from the sale of property held by the taxpayer primarily for sale to customers in the ordinary course of his trade or business. Note page 707: Supreme Court defined "Primarily" as used in 1221(a)(1) as "Of first importance, or principally"

=Corn Products Refining Co. v. Commissioner= Sale of corn futures is not a capital asset as it is a normal and integral course of dealings for corn farmers.

=Arkansas Best Corp. v. Commissioner= The Company's sale of stock held for business purposes was the sale of a capital asset

=Arrowsmith Doctrine= P 737 Each Taxable year is a separate unit for tax accounting purposes.