- 17 -
Interest Interest Net interest
1984 expense income expense
Kee Leasing Co. $408,197 $10,538 $397,659
666 Leasing Co. 4,083,327 2,209,163 1,874,164
670 Leasing Co. 1,669,360 1,369,504 299,856
650 Leasing Co. 536,038 715,947 -0-
652 Leasing Co. 613,066 671,202 -0-
653 Leasing Co. 636,635 704,840 -0-
667 Leasing Co. 3,018,359 1,611,875 1,406,484
Sun Leasing Co. 4,689,864 2,044,830 2,645,034
NY Sun Shipping 9,712,823 532,530 9,180,293
Phil Sun Shipping 10,551,646 676,120 9,875,526
Tropic Sun Shipping 644,883 1,040,764 -0-
Sun Transport, Inc. 3,091,754 35,223 3,056,531
Sun Oil Trading Co. 12,114,46916,303,956 -0-
Sun Note Co. 25,854,099 33,533,894 -0-
North Sea Oil Co. 7,681,288 2,196,279 5,485,009
75,305,808 63,656,665 34,220,556
1 See p.10, supra.
Interest Interest Net interest
1986 expense income expense
Kee Leasing Co. $213,410 $9,844 $203,566
666 Leasing Co. 3,907,731 736,783 3,170,948
670 Leasing Co. 1,468,580 540,553 928,027
650 Leasing Co. 404,732 130,367 274,365
Sun Leasing Co. 4,532,004 834,601 3,697,403
Millcreek Leasing Co. 435,448 662,752 -0-
Tropic Sun Shipping 644,829 1,148,919 -0-
Sun Transport, Inc. 2,356,829 646,275 1,710,554
Sunoco Overseas, Inc. 211,438 189,663 21,775
Sun Refining & Mkt., Inc.44,588,973 23,675,379 20,913,594
Sun Oil Trading Co. 549,406 317,610 231,796
Sun Co., Inc. 157,687,537937,176 156,750,361
Sun Oil Int. 7,190,703 12,824,523 -0-
North Sea Oil Co. 28,050,064 1,784,106 26,265,958
Claymont Investment Co.217,180,793 505,319,941-0-
469,422,477549,758,492214,168,347
Petitioner argues that it is entitled to use the amount in
column three of the above schedule, i.e., the net interest
expense of each member of its affiliated group, as the
starting point for allocating and apportioning that
member's interest expense under section 1.861-8(e)(2),
Income Tax Regs.
The parties have stipulated the amount of each
member's interest expense to be allocated and apportioned
to sources without the United States depending upon whether
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