- 7 -
However, credit is not allowed under section 34(a) for an amount
payable under section 6427, if a claim for such amount is timely
filed and is “payable” under such section.8 Sec. 34(b).
C. Analysis
The Court of Federal Claims has recently held that the “one
claim” rule under section 6427(i) does not bar timely claims for
tax credit under section 34. See Schlumberger Tech. Corp. &
Subs. v. United States, 47 Fed. Cl. 298 (2000). We agree with
the Court of Federal Claims and its reasoning.
Section 34(a)(3) provides: “There shall be allowed as a
credit * * * an amount equal to the sum of the amounts payable to
the taxpayer * * * under section 6427”. The text of section 34
does not suggest that the credit it affords is limited by any of
the procedural provisions of section 6427. Rather, the reference
to section 6427 contained in section 34 appears merely to be a
convenient measure of the amount of the credit to be afforded.
Section 6427(k) does not purport to control or limit the rights
7(...continued)
deemed purchased under section 6427(g)(6)),
during the taxable year (determined without regard to
section 6427(k)).
8Sec. 34(b) provides:
SEC. 34(b). Exception.--Credit shall not be
allowed under subsection (a) for any amount payable
under section 6421 or 6427, if a claim for such amount
is timely filed and, under section 6421(j) or 6427(k),
is payable under such section.
Page: Previous 1 2 3 4 5 6 7 8 9 10 Next
Last modified: May 25, 2011