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Background
All facts were stipulated. The parties’ stipulation of
facts and the exhibits submitted therewith are incorporated
herein by this reference. The stipulated facts are found
accordingly. Petitioner’s principal place of business was in
Auburn Hills, Michigan, when the petition was filed. Petitioner
is an accrual basis taxpayer that reports its income and expenses
on the basis of the calendar year.
Petitioner timely filed its 1980 through 1985 Federal income
tax returns on or about September 15 of the appropriate years.
Petitioner deducted on its 1980 through 1983 returns its foreign
taxes that accrued during those years. Petitioner claimed as a
credit on its 1984 and 1985 returns its foreign taxes that
accrued during those years. Petitioner reported the information
shown in appendix A on its 1980 through 1985 returns, as
originally filed.
On July 24, 1995, petitioner amended its 1980 through 1985
returns. On that date, the period of limitation for assessment,
credit, or refund was closed for 1980, 1981, and 1982 and open
for 1983, 1984, and 1985. On each of the 1980 through 1983
amended returns, petitioner claimed a credit for its accrued
foreign taxes, rather than the deduction it had reported
originally. Petitioner’s 1980 through 1985 amended returns
disclose the information summarized in appendix B.
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Last modified: May 25, 2011