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Robert L. Moore II, Thomas D. Johnston, and Kevin Kenworthy,
for petitioners.
Robert M. Morrison, for respondent.
OPINION
SWIFT, Judge: This matter is before us on petitioners’
motions under section 7481(c) and Rule 261 for the Court to
determine the correct amount of overpayment interest due
petitioners.1
The primary issue presented is whether petitioners’
cumulative accrued overpayment interest balance outstanding on
December 31, 1994, of approximately $1.6 billion (relating to
petitioners’ consolidated Federal income taxes for 1979 through
1985) accrues compound interest thereafter until paid to
petitioners at the regular corporate overpayment interest rate,
as petitioners contend, or at the reduced overpayment interest
rate applicable to large corporate overpayments, as respondent
contends.
In its discussion of essentially the same question of
statutory interpretation presented herein, the Court of Appeals
for the Federal Circuit in Gen. Elec. Co. v. United States, 384
F.3d 1307, 1309 (Fed. Cir. 2004), explained:
1 Unless otherwise indicated, all section references are to
the Internal Revenue Code as amended, and all Rule references are
to the Tax Court Rules of Practice and Procedure.
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