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Petroleum and a new corporation called Union Texas Products
Corporation (Products), a Delaware corporation.4 Pursuant to the
reorganization, Old Petroleum contributed all of the assets of
its hydrocarbons division to Products, including its natural gas
gathering lines, gas processing plants, storage facilities,
contracts for the sale of petroleum products, and all of the
stock of Texgas. In exchange, Old Petroleum received the stock
of Products, which it then distributed to Holdings. Thereafter,
Products was a direct subsidiary of Holdings, Texgas was a direct
subsidiary of Products, and Old Petroleum did not own stock in
Products or Texgas.
Corporate Structure--1984 Reorganization
In a December 31, 1984, reorganization, Old Petroleum
transferred all of its domestic oil and gas properties to New
Petroleum (EIN 76-0125286), a Delaware corporation and subsidiary
of Holdings, then known as Properties. On March 5, 1985, New
Petroleum changed its name from Union Texas Properties
Corporation to Union Texas Petroleum Corporation. Old Petroleum,
presently known as International, currently exists as a Delaware
corporation and is the petitioner in the instant case with
respect to 1983 and 1984.
Corporate Structure--1991 Reorganization
On October 15, 1991, Holdings became the parent of a new
corporation called Union Texas Petroleum Energy Corporation, or
4 Effective July 2, 1985, Allied sold one-half of the stock of
Holdings.
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