Conoco, Inc. v. State Taxation & Revenue Department

OPINION

APODACA, Chief Judge.

The issues in this appeal involve the New Mexico Taxation and Revenue Department’s (the Department) denial of Conoco, Inc.’s (the taxpayer) refund claims for certain tax years and the Department’s imposition of an assessment for the tax year 1991.

The taxpayer sought a refund of corporate income taxes paid to the State of New Mexico for the tax years 1988, 1989, and 1990, based on what its tax liability would have been had foreign dividends and Subpart F1 income been excluded from its apportionable tax base. The Department denied the taxpayer’s claims for refunds.…