ConocoPhillips Can't Keep $2M Tax Refund, 10th Circ. Says

Law360, New York (March 12, 2014, 4:11 PM EDT) -- A divided Tenth Circuit panel on Wednesday upheld a lower court ruling that ConocoPhillips Co. should not have received a $2.28 million tax refund in 2000, agreeing that the company wrongly calculated its tax basis after acquiring an owner of the Trans-Alaska pipeline.

ConocoPhillips had appealed the August 2012 ruling by U.S. District Judge James A. Payne that the refund shouldn't have been issued because the company made an improper basis-increase claim — which was not allowed by a 1988 closing agreement between the government and...
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