State Farm Mut. Auto. Ins. Co. v. Comm'r
United States Tax Court
P filed a Motion Pursuant to Rule 261 to Redetermine Interest on Overpayment. The issue raised in P's motion is whether accrued interest on P's overpayment as of Dec. 31, 1994, is subject to the regular rate of interest or the lower rate of interest provided by sec. 6621(a)(1), I.R.C., beginning on Jan. 1, 1995 (the GATT rate). R's position that the GATT rate applies was previously sustained by the Court of Federal Claims and the Court of Appeals for the Federal Circuit in…
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P filed a Motion Pursuant to Rule 261 to Redetermine Interest on Overpayment. The issue raised in P's motion is whether accrued interest on P's overpayment as of Dec. 31, 1994, is subject to the regular rate of interest or the lower rate of interest provided by sec. 6621(a)(1), I.R.C., beginning on Jan. 1, 1995 (the GATT rate). R's position that the GATT rate applies was previously sustained by the Court of Federal Claims and the Court of Appeals for the Federal Circuit in GE v United States, 384 F.3d 1307 (Fed. Cir. 2004), affg. in part and remanding in part 56 Fed. Cl. 488 (2003). See also…
1Opinion of the Court
OPINION
Goeke, Judge-.
Before us is petitioner’s motion under Rule 2611 seeking a higher rate of interest on petitioner’s overpayment. The difference between petitioner’s interest computation method and respondent’s method stems from a difference of view regarding the effect of a 1994 amendment to section 6621(a)(1), the so-called GATT amendment. That amendment reduced the rate of overpayment interest applicable to that portion of a corporate tax overpayment that exceeds $10,000 for purposes of determining interest after December 31, 1994. Because we hold that the reduced rate of interest…
2Cases cited5 opinions
- General Electric Company and Subsidiaries v. United StatesCourt of Appeals for the Federal Circuit · 2004
- General Electric Co. v. United StatesUnited States Court of Federal Claims · 2003
- State Farm Mut. Auto. Ins. Co. v. Comm'rUnited States Tax Court · 2002
- Exxon Mobil Corp. v. Comm'rUnited States Tax Court · 2006
- State Farm Mutual Automobile Insurance v. CommissionerCourt of Appeals for the Seventh Circuit · 2004
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