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Court overturns Texaco’s $100 million tax refund
07/14/2008
A federal appeals court reversed a US district court’s decision granting Texaco Inc. a more than $100 million tax refund, the US Department of Justice said on June 17.It said that the US Department of Energy originally cited Texaco for selling petroleum products at a price higher than government-mandated ceilings during 1973-81. The company settled the allegation and agreed to pay $1.25 billion plus interest. It deducted the settlement amount as ordinary and necessary business expenses and sought an additional $100 million refund under US Internal Revenue Code Section 1341, DOJ said.Section 1341 is designed to provide a taxpayer relief from having paid taxes on income that the taxpa...
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