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a change in petitioners’ method of accounting for such
costs for which change respondent has not granted
permission; and (3) is not accruable as a current
ordinary and necessary business expense because such
accrual would cause a distortion in petitioners’
reporting of income.
Robert L. Moore II, Jay L. Carlson, Thomas D. Johnston,
Kevin L. Kenworthy, Emmett B. Lewis III, James P. Tuite, David B.
Blair, Laura G. Ferguson, Troy J. Babin, Jeffrey S. Lynn, Paul F.
Kirgis, and Matthew J. Borger, for petitioners.
Richard L. Hunn, Robert M. Morrison, William G. Bissell,
Carl D. Inskeep, Sandra K. Reid, Richard T. Cummings, and
Richard D. Fultz, for respondent.
SWIFT, Judge: In these consolidated cases, respondent
determined deficiencies in petitioners’ Federal income taxes for
the years 1979 through 1982 as follows:
Year Deficiency
1979 $ 268,721,294
1980 2,898,174,073
1981 2,037,809,876
1982 1,599,495,218
After settlement of many issues and court decisions on three
issues,1 the primary issue remaining for decision is whether
1 See Exxon Corp. v. Commissioner, 113 T.C. 338 (1999)
(involving the creditability of the United Kingdom petroleum
revenue tax); Exxon Corp. v. Commissioner, 102 T.C. 721 (1994)
(involving percentage depletion); Exxon Corp. v. Commissioner,
(continued...)
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