Appeals Court Sides With IRS In Tax Spat With Exxon

Law360, New York (April 12, 2007, 12:00 AM EDT) -- Oil giant Exxon Mobil Corp. has lost its bid for a bigger income tax refund after overpaying the Internal Revenue Service more than $560 million.

Exxon, which was paid interest on its overpayment and refunded a total of $1.75 billion two years ago, argued the IRS had miscalculated the interest rate and owed it another $140 million.

But the U.S. Court of Appeals for the Fifth Circuit on Monday ruled the IRS had correctly determined the rate.

The company had overpaid federal taxes owed between 1979...
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