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Tax Regs., 52 Fed. Reg. 6448 (Mar. 3, 1987) (Regulation), with
respect to export sales made during its taxable years 1987
through 1989, in connection with petitioner's claims for refunds
for overpayment of taxes for those years under section 6511; and,
if not, (2) whether the Regulation is valid.
Petitioner's principal offices were located in Danbury,
Connecticut, at the time the petition was filed.
Background
The facts related below are derived from the Stipulation of
Facts, Foreign Sales Corporation Issue, filed on August 8, 1997,
and attached exhibits. The facts are stated solely for purposes
of deciding the matter before us and are not findings of fact in
the event of a trial of this case. See Coca-Cola Co. & Subs. v.
Commissioner, 106 T.C. 1, 2 (1996).
During the years at issue, petitioner manufactured or
produced various chemicals, plastics, carbon products, and
industrial gases in the United States. Petitioner sold a portion
of its products to customers outside the United States.
On December 31, 1984, petitioner organized Union Carbide
Foreign Sales Corporation (UCFSC) under the laws of the U.S.
Virgin Islands. UCFSC elected to be taxed as an FSC pursuant to
section 922(a)(2) on March 13, 1985. UCFSC operated and
qualified as an FSC throughout the relevant period.
Under an Export Distribution and Commission Agreement
(Agreement) dated December 28, 1984, petitioner paid UCFSC during
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