Northern States Power Company, a Minnesota Corporation, and Northern States Power Company, a Wisconsin Corporation v. United States

RICHARD S. ARNOLD, Chief Judge.

This case presents a narrow and interesting question about how to interpret several provisions of the Internal Revenue Code. The United States appeals from the District Court’s tax-refund award to Northern States Power Company and one of its subsidiaries (collectively, “NSP”). The District Court granted NSP’s motion for summary judgment, and held that NSP was entitled to have the interest on its tax refunds computed by offsetting, or “netting,” its tax underpayments in 1980, 1983, and 1984 against its overpayments in 1981 and 1982. This “netting” approach…