Sunoco, Inc. and Subsidiaries - Page 2




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                  Marjorie A. Burnett, Thomas D. Johnston, Robert L.                  
             Moore II, Michael J. McGoldrick, and Nancy M. Seweryn,                   
             for petitioner.                                                          
                  John A. Guarnieri, Richard H. Gannon, and Keith L.                  
             Gorman, for respondent.                                                  

                                       OPINION                                        
                  WHALEN, Judge:  Respondent determined the following                 
             deficiencies in petitioner's Federal income tax:                         
                            Year            Deficiency                                
                            1979           $10,563,157                                
                            1981           5,163,449                                  
                            1983           35,916,359                                 

             Petitioner disputes the above deficiencies and further                   
             claims to have overpaid income taxes for 1979, 1981, and                 
             1983 by at least $25,082,591, $6,881,055, and $14,137,211,               
             respectively.                                                            
                  After concessions, there are three issues for decision              
             in this case.  Each issue will be the subject of a separate              
             opinion.  The issue that is the subject of this opinion                  
             arises in the context of computing the overall limit                     
             imposed by section 904(a) on the foreign tax credits                     
             claimed by petitioner under section 901(a) for taxable                   
             years 1982, 1983, 1984, and 1986, referred to herein as                  
             the years in issue.  In this opinion, all section                        






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