Missouri Pacific Corp. v. United States

OPINION

PHILIP R. MILLER, Judge:

Plaintiff, Missouri Pacific Corporation (“MoPac”), the parent corporation of an affiliated group of corporations, filed suit to recover an aggregate of $577,251 in federal income taxes paid for the tax years 1966 through 1971, plus interest. The case presents two distinct issues. The first, is whether plaintiff was entitled to percentage depletion deductions claimed by Stewart Sand and Material Company (Stewart), one of the affiliated group of corporations. The second issue is whether payments made by the plaintiff in settlement of a class action brought by its…