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U.S. Appeals Court rules against Sunoco in excise tax case

Posted by: Admin | Posted on: November 1st, 2018 | 0 Comments

WASHINGTON (Reuters) – The U.S. Court of Appeals for the Federal Circuit on Thursday upheld a lower court ruling that Sunoco (SUN.N) not be allowed to claim $1 billion in alcohol fuel mixture credits on its federal excise tax returns, the U.S. Justice Department said.

In a statement, the department said Sunoco sought to reduce its federal income taxes with an excise tax expense that was never paid. It said the appeals court’s decision upholding a ruling by the Court of Federal Claims was “precedential.”

Reporting by Eric Beech; Editing by David Alexander

Article source: http://feeds.reuters.com/~r/reuters/businessNews/~3/2zd4p_l9QgI/u-s-appeals-court-rules-against-sunoco-in-excise-tax-case-idUSKCN1N668H

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