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ExxonMobil Wins Over $200 Million Refund in IRS Reporting Fight

Feb. 22, 2021, 5:09 PM

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 ...