Corn Products Doctrine Law and Legal Definition

Corn Products Doctrine is a principle of taxation law which says that a capital asset should be narrowly defined to exclude inventory-related property that is integrally tied to the day-to-day operations of a business. This exception to the capital asset definition was set forth in the case Corn Prods. Ref. Co. v. Comm'r, 350 U.S. 46 (U.S. 1955), from which the doctrine receives its name.