corn products doctrine

Corn Products doctrine. Tax. The principle that a capital asset should be narrowly defined to exclude invento-ry-related property that is integrally tied to the day-to-day operations of a business. Corn Prods. Refining Co. v. C.I.R., 350 U.S. 46, 76 S.Ct. 20 (1955). [Cases: Internal Revenue 3178, 3230.

1. C.J.S. Internal Revenue § 110.]

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