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EXXON MOBIL CORP. & AFFILIATED COS. v. C.I.R.

Docket Nos. 11-2814, 11-2817.

689 F.3d 191 (2012)

EXXON MOBIL CORP. & AFFILIATED COS., f/k/a Exxon Corp. & Affiliated Cos., Petitioners-Appellees, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellant.

United States Court of Appeals, Second Circuit.

Decided: August 8, 2012.

Attorney(s) appearing for the Case

Alan I. Horowitz , Miller & Chevalier Chartered, Washington, D.C. ( Kevin L. Kenworthy , Miller & Chevalier Chartered, Washington, D.C., on the brief, Charles T. Fee, Jr. , David J. Bolen , and Hiep V. Tran , Exxon Mobil Corp., Houston, TX, of counsel), for Petitioners-Appellees.

Jennifer M. Rubin ( Richard Farber , on the brief, Tamara W. Ashford , Deputy Assistant Attorney General, of counsel), U.S. Department of Justice, Tax Division, Washington, D.C., for Respondent-Appellant.

Before: WINTER, WALKER, and CABRANES, Circuit Judges.

JOSÉ A. CABRANES, Circuit Judge:

Under section 6621 of the Internal Revenue Code ("I.R.C."), interest is calculated at a higher rate for corporate tax underpayments than it is for corporate tax overpayments.2 In principle, therefore, a corporate taxpayer could owe the Treasury underpayment interest even if the amount by which the taxpayer had underpaid its taxes in one tax year (or set of tax years) was entirely offset by the amount...

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