U.S. Won't Have To Pay Texaco $100M Tax Refund

Law360, New York (June 18, 2008, 12:00 AM EDT) -- A federal appeals court has ruled that Texaco Inc. does not have the right to recover $101 million in federal tax refunds on settlement payments the company made to the U.S. Department of Energy.

The U.S. Court of Appeals for the Ninth Circuit on Friday found that the Internal Revenue Code clearly barred Texaco, now part of Chevron Corp., from receiving the funds.

The court reversed a lower court ruling that had allowed the claims and sent the case back with instructions that the district court...
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