Supreme Court Takes On PPL $39M Foreign Tax Credit Appeal

Law360, New York (October 29, 2012, 2:38 PM EDT) -- The U.S. Supreme Court on Monday agreed to hear a PPL Corp. dispute over whether the utility is entitled to $39 million in U.S. Internal Revenue Service tax credits for tax paid by a British subsidiary, potentially affecting hundreds of millions of dollars in claimed tax credits.

PPL had asked the court to hear the case in May, after the Third Circuit in December 2011 overturned a July 2011 U.S. Tax Court decision, ruling that a “windfall” tax paid by South Western Electricity PLC, a U.K.-based...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.