Judge Gregg Costa, of the U.S. Court of Appeals for the Fifth Circuit, is resigning from the bench in August 2022. Courtesy photo
A federal appeals court nipped a $200 million penalty that the IRS imposed on ExxonMobil for wrongly seeking a $1 billion tax refund, with the panel likening the underlying and convoluted area of law to “occult mysteries.”
The government imposed the $200 million penalty because it said Exxon’s billion-dollar refund request was excessive and unreasonable, but Judges Gregg Costa, Edith Brown Clement and James Graves of the U.S. Court of Appeals for the Fifth Circuit said the oil company reasonably construed a complicated tax issue over whether its income from certain transactions came from a lease or sale of minerals. It was a dispute that had to go to a bench trial, the panel noted.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
