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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Illinois Work Injury Lawyers – Krol, Bongiorno & Given, LTD.
Accidents in the workplace are often caused by unsafe work conditions arising from ignoring safety rules, overlooking maintenance or other negligence of those in management. While we are one of the largest firms in Illinois dedicated solely to the representation of injured workers, we pride ourselves on the personal, one-on-one approach we deliver to each client.
Work accidents can cause serious injuries and sometimes permanent damage. Some extremely serious work injuries can permanently hinder a person’s ability to get around and continue their daily duties. Factors that affect one’s quality of life such as place of work, relationships with friends and family, and social standing can all be taken away quickly by a work injury. Although, you may not be able to recover all of your losses, you may be entitled to compensation as a result of your work injury. Krol, Bongiorno & Given, LTD. provides informed advocacy in all kinds of workers’ compensation claims, including:
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