FPL Group, Inc. and Subsidiaries - Page 1

                                   116 T.C. No. 7                                     

                               UNITED STATES TAX COURT                                

                   FPL GROUP, INC. AND SUBSIDIARIES, Petitioner v.                    
                    COMMISSIONER OF INTERNAL REVENUE, Respondent                      

               Docket No. 5271-96.                  Filed February 1, 2001.           

                    On its consolidated Federal income tax returns for                
               the years in issue, F claimed a credit for Federal                     
               taxes on fuels.  F now seeks credits in addition to                    
               amounts claimed on F’s original Federal income tax                     
               returns.  R argues that the so-called “one claim” rule                 
               contained in sec. 6427(i)(1), I.R.C., acts as a bar to                 
               F’s additional claims for credit under sec. 34, I.R.C.                 
                    Held:  F is not barred by the so-called “one                      
               claim” rule of sec. 6427(i)(1), I.R.C., from obtaining                 
               additional credits under sec. 34, I.R.C.                               

               Robert Thomas Carney, for petitioner.                                  
               James F. Kearney, for respondent.                                      

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