ConocoPhillips Loses $2.3M Trans-Alaska Pipeline Tax Refund

Law360, New York (August 24, 2012, 4:05 PM EDT) -- An Oklahoma federal judge on Thursday ruled that ConocoPhillips Co. should not have received a $2.28 million tax refund in 2000, saying the company wrongly calculated its tax basis after acquiring an owner of the Trans-Alaska pipeline.

U.S. District Judge James A. Payne granted summary judgment to the federal government, ruling that the refund should not have been issued because ConocoPhillips made an improper basis-increase claim — which was not allowed by a 1988 closing agreement between the government and owners of the Alaska pipeline venture...
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