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petitions, petitioner reduced its claim for additional ITCs as
follows:
Year Amount
1988 $31,737,038
1989 41,553,822
1990 51,973,051
On January 14, 2002, petitioner submitted its trial
memorandum in which it further reduced the additional ITCs
claimed as follows:
Year Amount
1988 $7,681,335
1989 7,862,335
1990 13,320,979
The issue addressed in this opinion is whether FPL Group,
Inc., & Subsidiaries (FPL) is entitled to ITCs for certain
property and equipment it placed in service during the taxable
years 1988, 1989, and 1990.2 Resolution of this issue requires
us to explore the strictures of the Tax Reform Act of 1986 (TRA),
Pub. L. 99-514, 100 Stat. 2058, which repealed the ITC and
provided relief from the ITC repeal in transitional rules.
FINDINGS OF FACT
Some of the facts have been stipulated and are so found.
The stipulation of facts, the first, second, third, and fourth
supplemental stipulations of facts, and the accompanying exhibits
2 This case involves multiple issues. The ITC issue
addressed in the opinion was tried and briefed separately.
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