Liberty Global Appeals $156 Million Foreign Tax Credit Case (1)

Liberty Global Inc. challenged a US Tax Court ruling that the telecommunications company had overstated its foreign tax credit.

Judge Emin Toro agreed with the IRS that LGI could only deem its US-sourced stock sale gain as foreign-sourced up to the amount it needed to recapture its $474 million overall foreign loss in 2010. LGI had done so in excess of its overall foreign loss, wrongfully inflating its available tax credit, the court said.

LGI appealed that ruling June 21, requesting the US Court of Appeals for the Tenth Circuit’s review. The Tenth Circuit docketed the appeal Monday.

The company ...