PHILLIPS PETROLEUM CO. v. COMMISSIONER

Docket No. 22608-91.

104 T.C. 256 (1995)

PHILLIPS PETROLEUM COMPANY AND AFFILIATED SUBSIDIARIES, PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed March 9, 1995.


Attorney(s) appearing for the Case

Stephen D. Gardner, John Hartje, Ann-Elizabeth Purintun, and Robert S. Shwarts, for petitioners.

Val J. Albright, Elizabeth G. Beck, and Martin M. Van Brauman, for respondent.


KÖRNER, Judge:

By statutory notice of deficiency dated July 10, 1991, respondent determined deficiencies in the Federal income tax of Phillips Petroleum Co. and its affiliated subsidiaries (hereinafter Phillips or petitioners) for the taxable years 1979 through 1982 as follows:

    Year                                Deficiency

    1979 ............................   $59,029,820
    1980 ............................    61...

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