- 3 - 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.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011