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supply’, and ‘hedging’ principles” and not subject to the
hedging regulations, section 1.1221-2, Income Tax Regs.
Petitioner’s brief makes it clear that the Court need not
consider that argument if we do not adopt respondent’s per
se rule. Accordingly, we have not addressed that argument.
Similarly, as mentioned above, petitioner argues, if we
hold that the gains from the sale of Terra stock and the
section 1231 assets are nonpatronage items, then those
gains may nevertheless be offset by petitioner’s patronage
losses. We have not addressed that argument.
In light of the foregoing, and to reflect previously
determined issues,
Decision will be entered
under Rule 155 and an order will
be issued denying respondent’s
motion for summary judgment.
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