Exxon Fights IRS: Exxon Corp. said it...
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From Times Staff and Wire Reports
Exxon Fights IRS: Exxon Corp. said it had filed a petition with the U.S. Tax Court challenging as “unwarranted” an Internal Revenue Service judgment that it pay $6.5 billion more in income taxes on foreign oil. Exxon said the key issue was an IRS ruling that it should have sold Saudi crude for a higher price than it did and therefore should pay additional taxes. Exxon said Saudi Arabia required it to sell the oil at prices set by the Saudi government, which were lower than other producers.
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