Exxon Mobil Corporation and Affilliated Companies, f.k.a. Exxon Corporation and Affiliated Companies - Page 19

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          effective date of the GATT amendment, all of petitioners’ then-             
          remaining outstanding tax overpayments for each of the years in             
          issue represented tax overpayments by petitioners in excess of              
          $10,000, no portion of which qualifies for the exemption from the           
          GATT rate.  We agree.                                                       
               Under section 301.6611-1(b), Proced. & Admin. Regs., the               
          date of overpayment of a tax is the date of payment of the first            
          amount which, when added to previous payments, is in excess of              
          the tax liability (including any interest, addition to tax, or              
          additional amount).  This regulation provides that tax                      
          overpayments are to be refunded beginning with the first payment            
          that exceeds the tax liability.  Accordingly, all of petitioners’           
          tax overpayments for the years in issue that remained outstanding           
          after December 31, 1994, and that petitioners eventually received           
          in 2004 and 2005 constituted overpayments “in excess of $10,000”            
          and, beginning January 1, 1995, accrued interest at the reduced             
          GATT rate.                                                                  
                                             Appropriate orders will be               

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