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Commissioner, T.C. Memo. 1992-282, affd. 69 F.3d 1404 (8th Cir.
1995); First Chicago Corp. v. Commissioner, T.C. Memo. 1991-44;
Continental Ill. Corp. v. Commissioner, T.C. Memo. 1988-318, affd.
without published opinion sub nom. Citizens & S. Corp. & Subs. v.
Commissioner, 919 F.2d 1492 (11th Cir. 1990), affd. in part and
revd. in part 998 F.2d 513 (7th Cir. 1993) and Nissho Iwai Am.
Corp. v. Commissioner, 89 T.C. 765 (1987). However, none of those
cases involved withholding tax paid by a tax-immune Brazilian
governmental entity/borrower, like the Central Bank here, on its
Brazilian restructuring debt interest remittances.
FINDINGS OF FACT
Some of the facts have been stipulated and are found
accordingly. The parties have further stipulated in evidence
portions of the trial transcripts in the Continental Illinois and
Nissho Iwai cases and various exhibits related to the testimony of
certain witnesses in those cases.
A. Background
Petitioner's principal place of business was in Washington,
D.C., at the time the petition was filed.
Riggs National Corporation is the parent company of a group of
corporations which filed consolidated income tax returns for the
years in issue. Its wholly owned subsidiary Riggs National Bank
regularly made and participated in loans to borrowers located in
foreign countries, including Brazil.
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