Exelon Loses To IRS Over $1.6B Taxable Gain On Plant Sales
Law360, New York (September 19, 2016, 4:44 PM EDT) -- Exelon Corp. suffered a defeat against the Internal Revenue Service Monday when the U.S. Tax Court ruled that lease transactions it had entered into to manage $1.6 billion of taxable gain following the sale of power plants in Illinois should actually be characterized as loans.
Exelon had entered into a series of like-kind exchanges with unrelated tax-exempt public utilities after it sold its fossil fuel power plants in Northern Illinois for $4.8 billion in 1999. (AP) Exelon, the successor to Unicom Corp. after they merged in October 2000, had entered into a series of like-kind exchanges with unrelated tax-exempt public utilities...
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