Exxon Mobil Corporation and Subsidiaries v. United States, Defendant-Cross

MICHEL, Circuit Judge.

This is a federal income tax case. Appellant Exxon Mobil Corporation (“Exxon”) appeals the December 29, 1999 judgment of the United States Court of Federal Claims denying-in-part Exxon’s claim for a reimbursement for federal income taxes paid for the 1975 tax year on proceeds from sales of natural gas. The United States cross-appeals the trial court’s decision, arguing that the court applied an incorrect legal standard in determining whether Exxon was entitled to its claimed deductions. Exxon filed a timely notice of appeal to this court on February 14, 2000. The…