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ExxonMobil, IRS Argue Lease Tests in $1.3 Billion Refund Fight

June 6, 2022, 10:03 PM

ExxonMobil Corp. and the IRS argued their positions to the Fifth Circuit on Monday in a $1.3 billion tax refund fight involving overseas oil and gas ventures and fuel excise tax credits.

The parties honed in on the legal tests applied to determine how those ventures were taxed.

The oil and gas giant is fighting for a refund it claimed on overpayments of taxes from 2006 to 2009. Of the $1.3 billion in dispute, $1 billion is based on oil and gas exploration contracts in Qatar and Malaysia, which the company argues the IRS misclassified as mineral ...