Court Overturns $101M Tax Refund To Texaco
Recent Cases
The 9th Circuit rejected Texaco's bid for a $101 million tax refund on the $1.25 billion settlement it paid the government for selling oil and gas above the price ceilings set by federal regulations.
The judges reversed judgment for Texaco, now a subsidiary of ChevronTexaco Corp., ruing that the tax benefit on repayment applies to public utilities only, not private companies such as Texaco.
Texaco had overcharged for crude oil and oil products from 1973 to 1981. After a series of administrative actions, the Department of Energy agreed to the settlement. Texaco made the payments and deducted the settlement amount on its federal income tax returns for those years, then filed refund claims for 1988, 1990, 1991 and 1992.
The appellate judges reinstated the government's denial of the refund claims on the grounds that federal tax law "plainly precludes" Texaco from recouping some of the money.
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USCIS Issues Clarifying Guidance on NAFTA TN Status Eligibility for Economists
U.S. Citizenship and Immigration Services (USCIS) announced today that it is clarifying policy guidance (PDF, 71 KB) on the specific work activities its officers should consider when determining whether an individual qualifies for TN nonimmigrant status as an economist.
The North American Free Trade Agreement (NAFTA) TN nonimmigrant status allows qualified Canadian and Mexican citizens to temporarily enter the U.S. to engage in specific professional activities, including the occupation of economist. The agreement, however, does not define the term economist, resulting in inconsistent decisions on whether certain analysts and financial professionals qualify for TN status as economists.
TN nonimmigrant status is intended to allow a limited number of professionals and specialists to work temporarily in certain specifically identified occupations in the United States. This updated guidance provides USCIS officers with a specific definition of one such category – economists – allowing them to adjudicate applications in a way that complies with the intent of the agreement. This policy update clarifies that professional economists requesting TN status must engage primarily in activities consistent with the profession of an economist. Individuals who work primarily in other occupations related to the field of economics — such as financial analysts, marketing analysts, and market research analysts — are not eligible for classification as a TN economist.