- 3 - Practice and Procedure. Dollar amounts are rounded to the nearest dollar. FINDINGS OF FACT Some of the facts have been stipulated and are so found. The stipulation of facts and the exhibits submitted therewith are incorporated herein by this reference. Lykes is the parent corporation of an affiliated group of corporations that files consolidated Federal income tax returns based on a fiscal year ending on September 30. Lykes was headquartered in Tampa, Florida, when the petitions were filed. People's distributes natural gas in Florida. It is a utility subject to regulation by the Florida Public Service Commission (PSC). Pursuant to the Florida Energy Efficiency and Conservation Act (FEECA), the PSC required that People's design and administer the FEECA programs. People's administers these programs subject to the PSC's supervision. The FEECA programs are generally designed to reduce consumption of high cost petroleum and to lower electrical energy consumption. For its 1988 through 1991 taxable years, People's included receipts from the FEECA programs (FEECA receipts) in its gross income, and it deducted its expenditures under the programs (FEECA expenditures). Starting with its 1992 taxable year, People's excluded FEECA receipts from its gross income and did not deduct any FEECA expenditures.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Next
Last modified: May 25, 2011