Exxon Corp. v. Commissioner
United States Tax Court
HELD: Petroleum revenue tax paid by petitioners to the United Kingdom was not paid in exchange for specific economic benefits and constitutes a creditable foreign tax under sec. 901, I.R.C.
1Opinion of the Court
EXXON CORPORATION AND AFFILIATED COMPANIES, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Exxon Corp. v. Commissioner
No. 23331-95; No. 16692-97
United States Tax Court
113 T.C. 338; 1999 U.S. Tax Ct. LEXIS 51; 113 T.C. No. 24;
November 2, 1999, Filed
Decisions will be entered under Rule 155.
HELD: Petroleum revenue tax paid by
petitioners to the United Kingdom was not
paid in exchange for specific economic
benefits and constitutes a creditable foreign
tax under sec. 901, I.R.C.
Robert L. Moore II, Jay L. Carlson, Bradford J. Anwyll,
Kevin Lee Kenworthy, Patrick James Thornton, Richard Steven
2Cases cited6 opinions
- Texasgulf, Inc., and Subsidiaries, as Successor in Interest to Texasgulf, Inc. And Subsidiaries v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1999
- Phillips Petroleum Co. v. CommissionerUnited States Tax Court · 1995
- Inland Steel Co. v. United StatesUnited States Court of Claims · 1982
- Bank of Am. Trust & Sav. Ass'n v. CommissionerUnited States Tax Court · 1974
- Exxon Corp. v. CommissionerUnited States Tax Court · 1999
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