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| | Arkansas Best v. Commission, 485 U.S. 21... |
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Arkansas Best v. Commission, 485 U.S. 212 (1988)
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A tax case in which the United States Supreme Court upheld an Internal Revenue Service position that some types of hedging transactions result in capital rather than ordinary losses. This decision complicated many taxable entities' risk management procedures because capital losses are not fully deductible against ordinary income for United States taxpayers. A later case involving the Federal National Mortgage Association (Fannie Mae) largely offset the adverse impact of the Arkansas Best precedent.
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