Riggs National Corporation & Subsidiaries - Page 3




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          restructuring debt interest remittances to petitioner was a                 
          noncompulsory amount, rather than a tax.  Thus, we held that the            
          purported withholding tax payments were not creditable to                   
          petitioner.  See id.  As a result, we did not decide whether the            
          purported withholding tax payments were in fact made by the Central         
          Bank.  See id. at 360-361.                                                  
               The Court of Appeals concluded that: (1) A March 1984                  
          Brazilian IRS private letter ruling issued to the Central Bank was          
          a “compulsory order” by the Brazilian Finance Minister to the               
          Central Bank mandating that the latter pay the purported                    
          withholding taxes, and therefore, (2) petitioner was “legally               
          liable” for the purported withholding tax payments the Central Bank         
          made on petitioner’s behalf.  The Court of Appeals remanded the             
          case to us to decide certain matters concerning petitioner’s                
          entitlement to foreign tax credits as a consequence of petitioner’s         
          being “legally liable” for the purported withholding tax payments           
          made by the Central Bank on petitioner’s behalf.  Riggs Natl. Corp.         
          & Subs. v. Commissioner, 163 F.3d at 1369.2                                 



               2    Among other things, the Court of Appeals directed us to           
          determine which of petitioner’s restructuring debt loans were               
          subject to the March 1984 Brazilian IRS ruling.  The parties have           
          now stipulated in evidence an exhibit that lists those loans and            
          interest payments.  This exhibit also lists and summarizes the              
          related withholding receipts and other documents in the record              
          that were issued in connection with each of the withholding tax             
          payments that petitioner contends the Central Bank made on its              
          behalf.                                                                     





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