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At the Lakefront

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Submitted By gussiemai
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Homework 6
Chapter 5

5-11) The Supreme Court ruled in the Corn Products case that the gain due to the future contracts are ordinary rather than capital gains and losses because they purchased the future contracts to ensure that they had an adequate supply of raw materials. This allowed for the delivery of the corn to be accepted when needed for the manufacturing and the contracts that were not needed were sold.
5-49)
2008 2009 2010 2011
AGI $50,000 $65,000 $69,200 $86,000
(40,000+4,000+6,000) (50,000+5,000+10,000) (60,000+7,000+2,200) (70,000+10,000+6,000)
STCL -$5,000 $2,000 $2,000 -$2,000 (9000-4000) (5000-3000) (7000-5000) (12000-10000)
LTCL $1,000 -$11,000 $1,200 -3,500 (6000-5000) (21000-10000) (2200-1000) (9500-6000)

5-50) Michigan should lower the cost in order to offset the losses. By them bankrupt they don’t have anything that is worthy of someone purchasing. In turn, they can gift each business to another person or company in order to get rid of them and not have anything else to do with the losses. They are giving them the extra raw materials as well. In turn, the new parties can turn the businesses around and hopefully allow the businesses to make money. They still have to deal with the bankruptcy, so they can keep what stock they have and once the businesses turn around they can conclude what’s due, if anything due to the

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