Panhandle Eastern Pipe Line Co. v. United States

This tax refund suit is before the court on the parties’ cross-motions for partial summary judgment. The present motions deal with only one of the three major claims in the petition, and involve a refund claim for the single calendar year ending December 31, 1970. Plaintiff claims that the defendant has erroneously assessed additional taxes under I.R.C. § 47(a)1 which provides for the recapture of investment tax credit. We agree that defendant erred and grant plaintiffs motion.

Plaintiff, Panhandle Eastern Pipe Line Company, a Delaware corporation, and its consolidated subsidiaries,2 including…