Court Overturns $101M Tax Refund To Texaco
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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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Car Accident Lawyers in New Rochelle, New York
If you have gotten in a car accident, it could seriously change your life. Whether the accident was caused by the other party’s fault or a fault of your own, you’ll want to to make sure that you are ready to prepare yourself for any cases that might follow.
Immediately following any type of car accident, it is important to take certain steps to ensure that the courts will treat you with respect and fairly. First, assess your mental and physical condition. Make sure right after the accident, you document any information regarding the accident and situation, it can be of great help later on.
You’ll want to make sure that you seek professional help for any medical conditions you may be experiencing. Do not wait to seek medical attention, you’ll want to make sure that you have documented evidence of the injury that was caused by the accident. The amount of treatment is also taken into consideration in every case.