113 T.C. No. 24
UNITED STATES TAX COURT
EXXON CORPORATION AND AFFILIATED COMPANIES, Petitioners v.
COMMISSIONER OF INTERNAL REVENUE, Respondent
Docket Nos. 23331-95, 16692-97. Filed November 2, 1999.
Held: Petroleum revenue tax paid by
petitioners to the United Kingdom was not
paid in exchange for specific economic
benefits and constitutes a creditable foreign
tax under sec. 901, I.R.C.
Robert L. Moore II, Jay L. Carlson, Bradford J. Anwyll,
Kevin Lee Kenworthy, Patrick James Thornton, Richard Steven
Klimczak, Susan Ann Friedman, and David B. Blair, for
petitioners.
Allan E. Lang, Raymond L. Collins, Martin Van Brauman, and
Roberta L. Shumway, for respondent.
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