ExxonMobil will be refunded over $207 million in penalties and interest it paid to the IRS because it had a reasonable basis for oil and gas transactions it filed as purchases, a district court said.
The oil and gas giant will receive the funds and interest it overpaid to the IRS as tax code Section 6676 penalties from 2006 to 2009, the U.S. District Court for the Northern District of Texas ruled in a final judgment of a January ruling that found the company had a reasonable position on why it didn’t owe the penalties.
It ...
Learn more about Bloomberg Tax or Log In to keep reading:
See Breaking News in Context
From research to software to news, find what you need to stay ahead.
Already a subscriber?
Log in to keep reading or access research tools and resources.