Exxon Entitled To $1B Refund On Foreign Sales, 5th Circ. Told

Law360 (July 22, 2021, 4:34 PM EDT) -- Exxon Mobil Corp. is entitled to a $1.3 billion refund from the Internal Revenue Service because the agency misclassified some of its transactions in Qatar and Malaysia as mineral leases and not sales, the company told the Fifth Circuit.

A Texas federal court incorrectly sided with the IRS in deciding that Exxon's transactions in Qatar and Malaysia were mineral leases and not sales and that the company was not entitled to a tax refund for 2006 through 2009, the energy company said in a brief Wednesday. Classifying them as sales would have allowed the company to obtain favorable tax treatment through...

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