United States Supreme Court
PPL Corp. v. Commissioner of Internal Revenue, 12-43
The U.K. one-time "windfall tax" imposed on privatized companies in 1997 and paid by petitioner, is creditable under Internal Revenue Code section 901(b)(1), which states that any "income, war profits, and excess profits taxes" paid overseas are creditable against U.S. income taxes, where here, the U.K. windfall tax's predominant character is that of an excess profits tax, a category of income tax in the U.S. sense.
Appellate Information
- Decided 05/20/2013
- Published 05/20/2013
Judges
- THOMAS
Court
- United States Supreme Court