BP Exploration & Oil Inc. v. United States

ORDER

MOODY R. TIDWELL, III, Senior Judge.

This tax refund case is before the court on defendant’s motion for summary judgment and plaintiffs cross-motion for partial summary judgment. The issue is the proper interpretation of former section 4988 of the Internal Revenue Code (I.R.C.), 26 U.S.C. §. 4988 (1982 & Supp. III 1985).1 For the reasons set forth below, defendant’s motion is ^anted and Plaintiffs motion is denied

BACKGROUND

The relevant facts in this case are not in dispute. Plaintiff, BP Exploration & Inc., seeks refunds of windfall profit tax (WPT) paid for all taxable quarters of 1984…