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ExxonMobil Argues District Court Erred in Tax Dispute With IRS

July 22, 2021, 8:01 PM

A Texas district court erred in siding with the IRS in a dispute involving overseas oil and gas ventures, misinterpreting the tax classification of the transactions, ExxonMobil Corp. said.

The oil giant is seeking a $1.3 billion refund stemming from overpayments involving Qatar and Malaysia transactions and a credit against the fuel excise tax, according to the appellant brief filed Wednesday at the U.S. Court of Appeals for the Fifth Circuit.

The U.S. District Court for the Northern District of Texas used an “unprecedented test” to conclude the company’s Qatar and Malaysia transactions should be treated as ...