ExxonMobil to book $2.2bn gain (GOP orders IRS to cave re 74-90 taxes)

[papau]

http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1069132065052&referrer_id=yahoo&ft_ref=yahoo1&segid=03052

ExxonMobil to book $2.2bn gain after tax dispute
By Carola Hoyos in London and Sheila McNulty in Houston

Published: November 21 2003 18:10 | Last Updated: November 21 2003 18:10


ExxonMobil will add $2.2bn to its fourth-quarter earnings after the world's largest energy company settled a tax dispute with the US government this week.


The US internal revenue service will repay with interest the taxes the energy group overpaid from 1974-1990 mainly in Texas, where it is based.

Since 1989, ExxonMobil has gone to trial and won three times, arguing it was entitled to the deductions it claimed for natural gas sales.

The US congressional joint committee on taxation made the final decision to settle the case, ExxonMobil said.<snip>

[papau]

1. GOP judges protect corporate pretend deductions that exceed cost

Which is what this is.

No one else can deduct from taxes more than they spent on any given item that is deductible.

But these judges said these folks could.

And even after winning in Court, the separation of powers rules mean no refund unless Congress OK's the refund (for large refunds)

In DC a prior year error by DC that made you pay too much can be proven in Court - but you never get your money back if you are human.

Bush can not send our tax money out the door fast enough - as long as it goes to the rich and to corporations.

The only profit/gain/wage Bush wants to tax is the middle and lower class working mans labor one is paid for. Labor paid for via stock options (a CEO signed such a contract yesterday) should be tax free per Bush.

The 90% of the rich folks income that is investment income will be free of taxation once Bush is through.