CanadianOxy Offshore Prod. Co. v. Commissioner
United States Tax Court
P, an integrated producer of front-end oil, sold crude oil after Executive Order, No. 12,287, 3 C.F.R. 124 (1982), fully decontrolled crude oil and refined petroleum products. After decontrol, P did not recertify that the oil sold was tertiary incentive oil. P subtracted the credits against its windfall profit tax liability for the periods in question in accordance with sec. 4994(c)(2), I.R.C.
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P, an integrated producer of front-end oil, sold crude oil after Executive Order, No. 12,287, 3 C.F.R. 124 (1982), fully decontrolled crude oil and refined petroleum products. After decontrol, P did not recertify that the oil sold was tertiary incentive oil. P subtracted the credits against its windfall profit tax liability for the periods in question in accordance with sec. 4994(c)(2), I.R.C. Held: The Executive Order did not directly affect front-end oil as to integrated producers. Held, further, the front-end oil credit was similarly not terminated. Held, further, after decontrol (absent…
1Opinion of the Court
OPINION
Parr, Judge:
Respondent determined the following deficiencies in petitioner’s windfall profit tax:
Year ended Deficiency
Dec. 31, 1982 . $1,140,864
Quarter ended Deficiency
Mar. 31, 1982 $4,889,780
June 30, 1982 182,349
Sept. 30, 1982 Dec. 31, 1982 . 1,198,963 525,510
After concessions, the issue remaining for decision is whether crude oil sold by petitioner after January 28, 1981, when President Reagan’s Executive Order No. 12,287, 3 C.F.R. 124 (1982), fully decontrolled crude oil and refined petroleum products, produced tertiary incentive revenue as the term is defined in section…
2Cases cited4 opinions
- United States v. PtasynskiSupreme Court of the United States · 1983
- Union Oil Co. v. United States Department of EnergyTemporary Emergency Court of Appeals · 1982
- Elf Aquitaine, Inc. v. Placid Oil Co.District Court, D. Delaware · 1985
- Gary v. United StatesDistrict Court, D. Colorado · 1989
3Cited by1 opinion
- CanadianOxy Offshore Prod. Co. v. CommissionerUnited States Tax Court · 1993