Exxon Mobil Corp. v. Comm'r
United States Tax Court
Held: Under secs. 6611, 6621(a)(1) and 6622, petitioners' outstanding Dec. 31, 1994, cumulative accrued overpayment interest balance of $ 1.6 billion relating to the years involved herein accrues further compound interest after Dec. 31, 1994, at the reduced interest rate applicable to large corporate overpayments, not at the regular interest rate. GE v. United States, 56 Fed. Cl. 488 (2003) , affd. 384 F.3d 1307 (Fed. Cir. 2004) , and State Farm Mut. Auto. Ins.
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Held: Under secs. 6611, 6621(a)(1) and 6622, petitioners' outstanding Dec. 31, 1994, cumulative accrued overpayment interest balance of $ 1.6 billion relating to the years involved herein accrues further compound interest after Dec. 31, 1994, at the reduced interest rate applicable to large corporate overpayments, not at the regular interest rate. GE v. United States, 56 Fed. Cl. 488 (2003) , affd. 384 F.3d 1307 (Fed. Cir. 2004) , and State Farm Mut. Auto. Ins. Co. v. Commissioner, 126 T.C.__, 2006 U.S. Tax Ct. LEXIS 2 (2006) , followed. Petitioners' claim for an additional $ 450 million in…
1Opinion of the Court
EXXON MOBIL CORPORATION AND AFFILIATED COMPANIES, F.K.A. EXXON CORPORATION AND AFFILIATED COMPANIES, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Exxon Mobil Corp. v. Comm'r
Nos. 18618-89, 18432-90, 23331-95
United States Tax Court
126 T.C. 36; 2006 U.S. Tax Ct. LEXIS 3; 126 T.C. No. 3;
January 17, 2006, Filed
Exxon Mobil Corp. v. Commissioner, 114 T.C. 293, 2000 U.S. Tax Ct. LEXIS 26 (2000)
Held: Under secs. 6611, 6621(a)(1) and 6622, petitioners'
outstanding Dec. 31, 1994, cumulative accrued overpayment
interest balance of $ 1.6 billion relating to the years involved
herein accrues…
2Cases cited12 opinions
- United States v. Ron Pair Enterprises, Inc.Supreme Court of the United States · 1989
- Kaiser Aluminum & Chemical Corp. v. BonjornoSupreme Court of the United States · 1990
- Exxon Corp. v. CommissionerUnited States Tax Court · 1994
- General Electric Company and Subsidiaries v. United StatesCourt of Appeals for the Federal Circuit · 2004
- Anderson v. Comm'rUnited States Tax Court · 2004
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