Topic #3: Tax Cases Question #1: Provide an overview of and the ruling for the Corn Products Refining Co. Case. Answer: In the Corn Products Refining Co. case, the company had purchased corn futures in order to ensure that the corn needed for operations could be obtained in times of shortage or raising prices, without the need to worry about storage capacity limitations. The company reported the gain or loss on the futures as ordinary income and losses in 1940 and 1942, however the company later argued that the futures should be classified as a capital asset, subjecting the gain and losses incurred to Section 117 (now referred to as Section 1211). The company attempted to justify this shift in treatment by stating that the purchase…
The author, Michael Pollan, believes that feeding corn to cattle is bad for the cattle. To begin, Pollan states that, “Basically, almost all of the cattle in the feedlot are sick and it’s their corn-based diet that makes them ill” (58). He explains that since all feedlots feed corn to their cattle, most of the cattle are sick which means the cattle aren’t healthy. He also goes on to explain that, “Cattle rarely live on feedlots diets for more than 150 days…” (59). This means that the cattle on a feedlot don’t live for a long time which means there is a large amount of deaths in a feedlot.…
Where the Red Fern Grows is an inspiring book and would drag your mind into an adventure with unexpected twist and turns as you dig into the book. In the book, the loyalty between Billy and his dogs made this book both exciting and inspiring as they ventured out into the world they know little of together. In the wild, they had lots of adventures and relationships, which you will all like as you dig further into this inspiring adventure. Everybody likes action, right?…
Corn syrup is a cheaper option to get good tasting food. Although the food made with corn syrup is good taste wise, it is not good health wise. Pollan states in his essay, “By inducing people to consume more calories than they otherwise might, it gets them to really chomp…
In order to stay in the farming business, farmers need to produce as much corn as the land can allow. Due to the…
Acres must consider the risks and challenges of each of her options. One option would be to maintain the current levels of production and raise prices. This option, as stated above, would work in the short run to reduce demand by raising the price. However, the challenge of this option is that it is not sustainable for future profit. As aforementioned, this option would only be successful for a period of time until the market demand would decrease in response to raised prices causing Mrs. Acres to have an excess of the product.…
Evolution is the change in allele frequency in a population over time or, more simply, the process by which populations of organisms change over time (helped by the process of natural selection). Artificial selection does support this theory, except that the evolution happens intentionally, instead of naturally. Due to random mutations, variation within a population exists, allowing certain characteristics/genes to be selected as more favorable than others. Therefore, humans breed organisms with the favorable characteristics together to have offspring that might have the same characteristic. To do this, the characteristic has to have heritable genes so that the parent can pass the genes over to the offspring and increase the chance for survival in future generations, not just the individual (parent).…
The Corn Laws were measures that were enforced in the UK between 1815-1846 and they put restrictions and tariffs on imported grain. These laws wound up raising food prices, and they ultimately prevented imports of grains from other countries even when food was short. The main debate was amongst the landowners and the new class of manufactures and industrial workers. The landowners wanted to maximize profits from their agriculture by keeping the selling price of their grains high. The factory owners wished to maximize profits by reducing wages of the workers, yet this was not perfect in the sense that workers had a difficult time buying foods at such high prices.…
The earliest evidence of Mesoamerican interaction with the Northern American traditions is the emergence of the cultivation of maize in the American Southwest. While there are differencing opinions on the specific location of this introduction, the roots of the maize tradition are found in the deep in the heart of the southern Mesoamerican region of the North American continent. Contemporary studies of the pollen records of the early form of the what we call corn today, Zea Mays, along with clearing of the forest for agricultural use gives indication that pre-Columbian cultivation of domesticate maize appears in the archaeological record of highlands of Mexico close to 6000 BP, and a fully domesticated form of maize appears in the record around 5400 BP.…
Unbeknownst to the majority of consumers, in the summer of 2012 large quantities of GMO sweet corn appeared on grocery store shelves and roadside produce stands. In 2011, Monsanto announced plans to grow genetically modified sweet corn on 250,000 acres, roughly accounting for 40 percent of the sweet corn market. The sweet corn is being used for frozen and canned corn products, and it is also available fresh across the…
Corn and its byproducts easily form a majority of my diet. Because my family farms corn, this is something I have known for the majority of my life, however, reading this text has informed me how true this fact is. This book details the many unexpected ways in which corn has infiltrated our diet, largely without our knowledge. Because corn can be so easily grown, broken down and processed, it has been facile to center our diet around it. Corn is also useful as feed for many meat animals-…
Sugar: The Brazilian Industry In Brazil, the sugar production industry is a massively important boon for the country’s exports. This product makes up nearly 2% of the GDP of the entire country, or nearly $44 billion USD annually, and makes up over 35% of the worldwide export of sugar (Sugarcane). This industry employs over 1 million workers in the country as well, which makes up about 1% of the entire country’s workforce, a relatively significant proportion of the population working to produce a single product (World Bank).…
It is a problem for small family farms that want to expand because they do not have the money to fight for their share of subsidies. Large corporations have much more of a voice than the small family owned farms. Growing these cheap crops of corn in turn feeds the livestock of fast food restaurants. They also buy the wheat to make the buns very cheaply (The Weight).…
Bt Corn “In the United States, 33% of all crops are lost to disease, weeds, and insects. Since the 1940s, crop losses due to insects have risen from about 7 to 13%” (Linacre, Thompson, 2003). GMO 's are foods that have been genetically modified to control for pest, control food spoilage, or to make our foods bigger. Scientist do this by inserting genes of different species into our foods. One of those foods that have been genetically modified is our corn.…
The main objective of industrial agriculture is to produce maximum yields on commodities to gain maximum profit. Probably the most important factor for supporting maximum yields in areas…