Common use of Rev Clause in Contracts

Rev. Rul. 73-158, which concerned the trading of raw sugar, was issued at a time when, in general, the only items that were considered commodities for regulatory purposes were tangible products like wheat, cotton, rice and livestock. In 1974, however, Congress enacted the Commodity Futures Trading Commission Act of 1974 (the "CFTC Act"), which substantially broadened the definition of "commodity" to include " . . . all other goods and articles, .. . ., and all other services, rights, and interest in which contracts for future delivery are presently or in the future dealt in . . . ."

Rev. Rul. 73-158, which concerned the trading of raw sugar, was issued at a time when, in general, the only items that were considered commodities for regulatory purposes were tangible products like wheat, cotton, rice and livestock. In 1974, however, Congress enacted the Commodity Futures Trading Commission Act of 1974 (the "CFTC Act"), which substantially broadened the definition of "commodity" to include " . . . all other goods and articles, .. . ., and all other services, rights, and interest in which contracts for future delivery are presently or in the future dealt in . . . ..."