A commodity market is a market that trades in the primary economic sector rather than manufactured products, such as cocoa, fruit and sugar. Hard commodities are mined, such as gold and oil. Investors access about 50 major commodity markets worldwide with purely financial transactions increasingly outnumbering physical trades in which goods are delivered. Futures contracts are the oldest way of investing in commodities. Futures are secured by physical assets. Commodity markets can include physical trading and derivatives trading using spot prices, forwards, futures, and options on futures. Farmers have used a simple form of derivative trading in the commodity market for centuries for price risk management.
Federal Baseball Club v. National League, 259 U.S. 200 (1922), is a case in which the U.S. Supreme Court ruled that the Sherman Antitrust Act did not apply to Major League Baseball.
The Tucker Act is a federal statute of the United States by which the United States government has waived its sovereign immunity with respect to certain lawsuits.
The Taxing and Spending Clause and the Uniformity Clause, Article I, Section 8, Clause 1 of the United States Constitution, grants the federal government of the United States its power of taxation. While authorizing Congress to levy taxes, this clause permits the levying of taxes for two purposes only: to pay the debts of the United States, and to provide for the common defense and general welfare of the United States. Taken together, these purposes have traditionally been held to imply and to constitute the federal government's taxing and spending power.
Bailey v. Drexel Furniture Co., 259 U.S. 20 (1922), was a United States Supreme Court case in which the Court ruled the 1919 Child Labor Tax Law unconstitutional as an improper attempt by Congress to penalize employers using child labor. The Court indicated that the tax imposed by the statute was actually a penalty in disguise.
Commodity Futures Trading Commission v. Schor, 478 U.S. 833 (1986), was a case in which the Supreme Court of the United States held an administrative agency may, in some cases, exert jurisdiction over state-law counterclaims.
Commodity Exchange Act is a federal act passed in 1936 by the U.S. Government.
The Future Trading Act of 1921 was a United States Act of Congress, approved on August 24, 1921, by the 67th United States Congress intended to institute regulation of grain futures contracts and, particularly, the exchanges on which they were traded. It was the second federal statute that attempted to regulate futures contracts after the short lived Anti-gold futures act of 1864.
Wallace v. Cutten, 298 U.S. 229 (1936), was a case in which the Supreme Court of the United States held that the authority of the United States Secretary of Agriculture under the Grain Futures Act was limited to prevent continued violation of the act, not past violations.
Lucas v. Earl, 281 U.S. 111 (1930), is a United States Supreme Court case concerning U.S. Federal income taxation, about a man who reported only half of his earnings for years 1920 and 1921. Earl C. Guy and his wife had entered into a contract that would potentially save a lot of tax. The contract specified that earnings were owned by the couple as joint tenants. It is unlikely that it was tax-motivated, since there was no income tax in 1901 when they executed the contract. Justice Oliver Wendell Holmes, Jr. delivered the Court’s opinion which generally stands for the proposition that income from services is taxed to the party who performed the services. The case is used to support the proposition that the substance of the transaction, rather than the form, is controlling for tax purposes.
United States v. Phellis, 257 U.S. 156 (1921), was a decision by the United States Supreme Court, which held that shares in a subsidiary corporation issued to stockholders in the parent corporation were taxable as income.
Chicago Board of Trade v. Christie Grain & Stock Co., 198 U.S. 236 (1905), was a decision by the United States Supreme Court, which upheld sales of American grain for future delivery provided for by the rules of the Chicago Board of Trade of the state of Illinois. Justice Oliver Wendell Holmes, Jr. delivered the majority opinion of the court, in which he wrote:
People will endeavor to forecast the future and to make agreements according to their prophecy.
The Supremacy Clause of the Constitution of the United States, establishes that the Constitution, federal laws made pursuant to it, and treaties made under its authority, constitute the “supreme Law of the Land”, and thus take priority over any conflicting state laws. It provides that state courts are bound by, and state constitutions subordinate to, the supreme law. However, federal statutes and treaties are supreme only if they do not contravene the Constitution.
Corn Products Refining Company v. Commissioner, 350 U.S. 46 (1955), is a United States Supreme Court decision that helps taxpayers classify whether or not the disposition of a commodity futures contract by a business of raw materials as part of its hedging of business risk is an ordinary or capital gain or loss for income tax purposes.
The Taft Court refers to the Supreme Court of the United States from 1921 to 1930, when William Howard Taft served as Chief Justice of the United States. Taft succeeded Edward Douglass White as Chief Justice after the latter's death, and Taft served as Chief Justice until his resignation, at which point Charles Evans Hughes was nominated and confirmed as Taft's replacement. Taft was also the nation's 27th president (1909–13); he is the only person to serve as both President of the United States and Chief Justice.
The White Court refers to the Supreme Court of the United States from 1910 to 1921, when Edward Douglass White served as Chief Justice of the United States. White, an associate justice since 1894, succeeded Melville Fuller as Chief Justice after the latter's death, and White served as Chief Justice until his death a decade later. He was the first sitting associate justice to be elevated to chief justice in the Court's history. He was succeeded by former president William Howard Taft.
