EXXON DISPUTES $6.5 BILLION U.S. TAX CLAIM

Exxon Corp. has challenged in U.S. tax court a claim by the Internal Revenue Service that it owes $6.5 billion in income taxes for 1980-82. Part of the sum stems from an IRS contention that Exxon, shortly after the 1979 Iranian revolution, charged less than market prices for Saudi Arabian crude and therefore underpaid $1.5 billion in federal taxes. Texaco Inc. also disputes a similar IRS claim for the same amount (OGJ, Aug. 14, 1989, p. 15). Both IRS claims arise from the companies'

Aug 27th, 1990
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