Frequently, the question is raised whether farm taxpayers who enter retirement with substantial amounts of commodities in storage can transform the commodities into capital assets held for investment. In general, the answer from IRS has been no, with the courts upholding the IRS position.
Harl, Neil E.
"Can Commodities Initially Held for Sale Later be Held for Investment?,"
Agricultural Law Digest: Vol. 12
, Article 1.
Available at: https://lib.dr.iastate.edu/aglawdigest/vol12/iss7/1