Baker Hughes Tells 5th Circ. $52M Contribution Is Deductible
Law360 (September 6, 2019, 7:13 PM EDT) -- Baker Hughes’ $52 million cash contribution to its Russian subsidiary to prevent liquidation by the Russian government was a necessary expense that should be tax-deductible, the company told the Fifth Circuit during oral arguments.
The infusion of capital is similar to writing off bad debt or a necessary business expense because without it, the oil field services company would have suffered “catastrophic” business losses if the subsidiary failed, Baker Hughes Inc.’s attorney Reagan Mark Brown of Norton Rose Fulbright told a three-judge panel on Thursday. This entitles the company to far more in tax deductions and refunds, he said.
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