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references are to the Internal Revenue Code in effect for the
years in issue, and all Rule references are to the Tax Court
Rules of Practice and Procedure.
FINDINGS OF FACT
Some of the facts have been stipulated, and the stipulated
facts are incorporated in our findings by this reference.
Petitioner Maine Yankee Atomic Power Company was incorporated
under the laws of Maine in 1966 and had its principal place of
business in Wiscasset, Maine, at the time the petition in this
case was filed.
Petitioner owned and operated a nuclear power electric
generating plant (plant) that utilized a pressurized water
reactor, fueled with slightly enriched uranium oxide. The plant
was located in Wiscasset, Maine, on an 820-acre site that was
owned in fee by petitioner.
The stockholders of petitioner were investor-owned New
England utility companies. In 1990, petitioner was owned by 10
investor-owned New England utility companies, each of which was
committed under a power contract dated May 20, 1968 (power
contracts), to purchase a percentage of the capacity and output
of the plant equivalent to its percentage ownership.
The construction permit for the plant was issued in October
1968 by the Atomic Energy Commission (AEC). Construction of the
plant was completed in 1972, except for certain discharge
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