Court Denies Alcoa $12M Tax Refund For Cleanup

Law360, New York (November 30, 2007, 12:00 AM EST) -- An appeals court ruled on Wednesday that aluminum producer Alcoa Inc. is not entitled to a refund of taxes it could have saved if it had spent more money on disposing of toxic waste in the years between 1940-1987, instead of spending it on a cleanup in 1993.

Alcoa's case hinged on Section 1341 of the U.S. tax code, which allows taxpayers to be refunded taxes they paid on income if they later discover that they are not entitled to the income.

For example, if an...
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