- 30 -- 30 -                                                                                                                                                
                                                                                                                                       APPENDIX                                                                                                                                                   
                                                                                                                            TAX COURT DOCKET NO. 5931-83                                                                                                                                          
                                                                                                                MOTION TO REDETERMINE INTEREST ON DEFICIENCY                                                                                                                                      
                                                                                                                                       TAX LIABILITY                                                                                                                                              
                                                                                                                                       TAX YEAR 1977                                                                                                                                              
                                                                                                                                                                 Petitioner's                                                                                                                     
                                                                                                                                                                Sec 7481(c)                                                                                                                       
                                                                                                                                                                   Interest                                 Nov., 1994                                                                            
                                                                                                                                                                Computation                                 Stipulation                                   Difference                              
         Determination of Overassessment for Restricted Interest                                                                                                                                                                                                                                  
         Tax liability without credit carrybacks                                                                                                                               24,200,118                                 24,200,118                                                 0            
         Tax assessed and paid                                                                                                                                                 14,234,576                                 14,234,576                                                 0            
         Deficiency without allowance for carrybacks                                                                                                                             9,965,542                                  9,965,542                                                0            
         Tax liability after consideration of carryback from 1979 to 1977:                                                                                                                                                                                                                        
         Foreign tax credit carryback                                                                                                                                            2,307,548                                  2,307,548                                                0            
         Investment tax credit carryback                                                                                                                                         7,947,605                                           0                                      7,947,605             
         Total credit carryback from 1979 to 1977                                                                                                                              10,255,153                                   2,307,548                                       7,947,605             
         Unexplained difference included in stipulation                                                                                                                                                                         8,174                                          (8,174)            
         Tax liability after consideration of carryback from 1979 to 1977                                                                                                      13,944,965                                 21,900,744                                       (7,955,779)            
         Tax assessed and paid:                                                                                                                                                                                                                                                                   
         Total payments                                                                                                                                                        14,234,576                                 14,234,576                                                 0            
         Tentative allowance from 1979 to 1977                                                                                                                                   4,067,608                                  4,067,608                                                0            
         Net payments                                                                                                                                                          10,166,968                                 10,166,968                                                 0            
         Deficiency after consideration of credit carryback from 1979 to 1977                                                                                                    3,777,997                                11,733,776                                       (7,955,779)            
         Tax liability after consideration of carryback from 1982 to 1977:                                                                                                                                                                                                                        
         Current year investment tax credit (freed up)                                                                                                                         (4,576,641)                                (4,576,641)                                                0            
         Unexplained difference included in stipulation                                                                                                                                                                        (8,174)                                           8,174            
         Foreign tax credit carryback                                                                                                                                          25,048,494                                 25,048,494                                                 0            
         Investment tax credit carryback/(freed up)                                                                                                                            (7,947,605)                                           0                                     (7,947,605)            
         Work incentive tax credit carryback                                                                                                                                        15,550                                     15,550                                                0            
         Jobs tax credit carryback                                                                                                                                                 327,269                                    327,269                                                0            
         Total credit carryback from 1982 to 1977                                                                                                                              17,443,708                                 25,391,313                                       (7,947,605)            
         Tax liability after consideration of carryback from 1982 to 1977                                                                                                        1,077,898                                  1,077,898                                                0            
         Net payments                                                                                                                                                          10,166,968                                 10,166,968                                                 0            
         Overpayment after consideration of credit carryback from 1982 to 1977                                                                                                 (9,089,070)                                (9,089,070)                                                0            
         Determination of Overassessment                                                                                                                                                                                                                                                          
         Tax liability                                                                                                                                                                                                                                                                            
         Tax liability without credit carrybacks                                                                                                                               24,200,118                                 24,200,118                                                 0            
         Current year investment tax credit (freed up)                                                                                                                         (4,576,641)                                (4,576,641)                                                0            
         Foreign tax credit carryback                                                                                                                                          27,356,042                                 27,356,042                                                 0            
         Investment tax credit carryback/(freed up)                                                                                                                                       0                                          0                                               0            
         Work incentive tax credit carryback                                                                                                                                        15,550                                     15,550                                                0            
         Jobs tax credit carryback                                                                                                                                                 327,269                                    327,269                                                0            
         Total credit carryback                                                                                                                                                27,698,861                                 27,698,861                                                 0            
         Tax liability after consideration of credit carryback from 1979 and 1982                                                                                                1,077,898                                  1,077,898                                                0            
         Tax assessed and paid                                                                                                                                                                                                                                                                    
         Total payments                                                                                                                                                        14,234,576                                 14,234,576                                                 0            
         Tentative allowance from 1979 to 1977                                                                                                                                   4,067,608                                  4,067,608                                                0            
         Net payments                                                                                                                                                          10,166,968                                 10,166,968                                                 0            
         Overpayment after consideration of credit carryback from 1979 and                                                                                                                                                                                                                        
         1982, as reflected in the Tax Court Decision dated November 17, 1994                                                                                                  (9,089,070)                                (9,089,070)                                                0            
                                                                                                                            TAX COURT DOCKET NO. 5931-83                                                                                                                                          
                                                                                                                MOTION TO REDETERMINE INTEREST ON DEFICIENCY                                                                                                                                      
                                                                                                                                       TAX LIABILITY                                                                                                                                              
                                                                                                                                       TAX YEAR 1978                                                                                                                                              
Page:  Previous   12   13   14   15   16   17   18   19   20   21   22   23   24   25   26   27   28   29   30   31   NextLast modified: May 25, 2011