We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Appeals Court Sides With IRS In Tax Spat With Exxon

Law360 (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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.