We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Oil Rig Co. Can Deduct Subcontractor Payments: Texas Court

Law360, Washington (August 11, 2017, 7:25 PM EDT) -- A Texas appellate court largely sided Friday with an oil rig manufacturing and maintenance company and against a state appeal contesting a tax refund ruling for the company, holding that over $79 million in subcontractor payments could properly be excluded from taxable income.

The three-judge panel on Texas’ Third Court of Appeals hinged the first part of its ruling, siding with Gulf Copper and Manufacturing Corp. — which must still go back to the lower court after the panel upended findings in the company’s favor for...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.