Exxon Corp. v. Utah State Tax Commission

PARRISH, Justice:

INTRODUCTION

{1 This case comes to us after several related prior decisions in which we determined the proper valuation method for the oil and gas severance tax in Utah. We also previously determined the seope of the application of this new method. In this case, we hold that the valuation method announced in our prior cases should apply retroactively to all of ExxonMobil's refund requests before the Utah State Tax Commission.

BACKGROUND

T2 The original controversy over severance tax valuation began when ExxonMobil, a company created by the merger of Mobil Corporation and Exxon,…