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...
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