Sunoco, Inc. v. Comm'r
United States Tax Court
P claimed foreign tax credits under sec. 901(a), I.R.C., on its consolidated returns for 1982, 1983, 1984, and 1986. In these proceedings, P seeks to change the method of computing the overall limitation on the credit imposed by sec. 904(a), I.R.C. Specifically, P seeks to change the manner in which it allocates and apportions interest expenses for purposes of computing taxable income from sources without the United States, the numerator of the limiting fraction.
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P claimed foreign tax credits under sec. 901(a), I.R.C., on its consolidated returns for 1982, 1983, 1984, and 1986. In these proceedings, P seeks to change the method of computing the overall limitation on the credit imposed by sec. 904(a), I.R.C. Specifically, P seeks to change the manner in which it allocates and apportions interest expenses for purposes of computing taxable income from sources without the United States, the numerator of the limiting fraction. P claims that it is entitled to offset interest income against interest expenses before it allocates and apportions net interest…
1Opinion of the Court
OPINION
Whalen, Judge:
Respondent determined the following deficiencies in petitioner’s Federal income tax:
Year Deficiency
1979 . $10,563,157
1981 . 5,163,449
1983 . 35,916,359
Petitioner disputes the above deficiencies and further claims to have overpaid income taxes for 1979, 1981, and 1983 by at least $25,082,591, $6,881,055, and $14,137,211, respectively.
After concessions, there are three issues for decision in this case. Each issue will be the subject of a separate opinion. The issue that is the subject of this Opinion arises in the context of computing the overall limit imposed by section…
2Cases cited14 opinions
- Snap-Drape, Inc. v. CommissionerCourt of Appeals for the Fifth Circuit · 1996
- Laureys v. CommissionerUnited States Tax Court · 1989
- Dresser Industries, Inc. And Consolidated Subsidiaries v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1990
- Estate of Halas v. CommissionerUnited States Tax Court · 1990
- Alumax Inc. v. CommissionerUnited States Tax Court · 1997
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- Sunoco, Inc. and Subsidiaries v. CommissionerUnited States Tax Court · 2002
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