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Cassius Clay operates a bituminous coal home heating and…

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Cassius Clay operates a bituminous...
Cassius Clay operates a bituminous coal home heating and delivery service in Dauphin and Centre counties. He must have a supply of bituminous coal on hand so customers may get the coal they need to heat their homes. As a convenience to his customers, and to prevent high bills over the winter and low bills in the summer, he allows them to buy coal in advance at set prices and to pay for the coal ratably over a calendar year. To ensure himself a steady, reliable, and affordable supply of coal and to protect against price fluctuations, Cassius Clay enters into certain futures contracts to buy coal at a future date and at a set price. Clay clearly indicates beforehand that the futures contract in which he enters to buy coal is simply to secure a supply of coal and to protect him from losses on the futures contracts with his customers to sell coal, and that he does not intend to profit from the contract itself.Assume that Cassius Clay realizes a loss on the futures contract in which he entered to buy coal. That is, the price per his contract to buy coal is higher than the actual spot market price of coal the day he acquires a new supply of coal. How should Cassius Clay classify the loss—as ordinary or as capital?Be sure to demonstrate your research skills in writing a memo to the file. You must cite the relevant code section(s) (including section 1221) and at least two (2) Supreme Court cases (hint: the two key cases are dated 1955 and 1988). You must also address the general principle of classifying assets—as capital or as operating—and the exceptions thereto.As a reminder, the memo to the file should contain a brief statement of the facts, a statement of the issue(s), your conclusion(s) and recommendations, and an analysis which will include the sources (eg, Code, Regs, court cases) you used in reaching your conclusion(s). Be sure the sources are cited appropriately.Could you please finish it in the next 48 hours?
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