Magma Power Co. v. United States

OPINION

BASKIR, Judge.

Plaintiff, Magma Power Company (“Magma Power”) and its parent corporation, Mi-dAmerican Energy Holdings Company and Subsidiaries (“MidAmerican”), seek a partial *563refund of the interest assessed against Magma Power, then an independent corporate entity, for tax year 1993 as a result of an underpayment of income taxes.

This case requires us to construe the phrase “same taxpayer” in relation to the interest netting rules contained within section 6621(d) of the Internal Revenue Code (“IRC” or “Code”). The parties filed cross-motions for summary judgment pursuant to Rule 56 of…