FMC Corp. v. Commissioner
United States Tax Court
With regard to the domestic international sales corporation (DISC) provisions of the Internal Revenue Code, held: (1) Industrial cranes used on oil drilling platforms attached to the Outer Continental Shelf of the United States in the Gulf of Mexico were not used "outside the United States"; (2) In calculating deemed distributions under sec. 995, I.R.C., FMC Corp. (petitioner) is required to aggregate base period export receipts of a DISC that petitioner acquired in 1976…
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With regard to the domestic international sales corporation (DISC) provisions of the Internal Revenue Code, held: (1) Industrial cranes used on oil drilling platforms attached to the Outer Continental Shelf of the United States in the Gulf of Mexico were not used "outside the United States"; (2) In calculating deemed distributions under sec. 995, I.R.C., FMC Corp. (petitioner) is required to aggregate base period export receipts of a DISC that petitioner acquired in 1976 with the base period export receipts of other DISC's that petitioner owned; (3) In calculating deemed distributions under…
1Opinion of the Court
SWIFT, Judge:
Respondent determined deficiencies in petitioners’ consolidated corporate Federal income taxes as follows:
Year Deficiency
1978 . $21,486,984
1980 . 457,957
1981 . 5,468,091
1982 . 761,649
1983 . 3,772,640
1984 . 38,795,649
Unless otherwise indicated, all chapter and section references are to the Internal Revenue Code in effect for the years in issue, and all Rule references are to the Tax Court Rules of Practice and Procedure.
After extensive and successful settlement negotiations on many issues (for which we commend counsel for both parties), the issues remaining for decision pertain to…
2Cases cited12 opinions
- United States v. Vogel Fertilizer Co.Supreme Court of the United States · 1982
- Patricia A. Price v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1989
- Bolton v. CommissionerUnited States Tax Court · 1981
- Heppner v. Alyeska Pipeline Service Co.Court of Appeals for the Ninth Circuit · 1981
- Dorance D. And Helen A. Bolton v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1982
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- FMC Corp. v. CommissionerUnited States Tax Court · 1993