Supreme Court Says PPL Due $39M IRS Credit Over UK Tax

Law360, New York (May 20, 2013, 3:37 PM EDT) -- The U.S. Supreme Court unanimously ruled Monday that PPL Corp. is entitled to $39 million in U.S. Internal Revenue Service foreign tax credits because a U.K. windfall tax paid by a PPL British subsidiary reached the utility's net income, qualifying as an income tax. 

PPL had argued that the windfall tax, which was based on the U.K. government's valuation of South Western Electricity PLC, was an income tax as understood in the U.S. because the U.K. calculated the tax based on the company's actual profits. The...
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