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SANTA FE PACIFIC GOLD COMPANY v. COMMISSIONER OF INTERNAL REVENUE

No. 22956-06.

132 T.C. No. 12

SANTA FE PACIFIC GOLD COMPANY AND SUBSIDIARIES, BY AND THROUGH ITS SUCCESSOR IN INTEREST NEWMONT USA LIMITED, Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Tax Court.

Filed April 27, 2009.

Attorney(s) appearing for the Case

D-avid D. Aughtry, Arnold B. Sidman, and William O. Grimsinger, for petitioner.

Curt M. Rubin and Jennifer S. McGinty, for respondent.

GOEKE, Judge.

The issue for decision is whether Santa Fe Pacific Gold Co. (Santa Fe) is entitled to a deduction of $65 million for a payment made to Homestake Mining Co. (Homestake) as a result of the termination of a merger agreement between Santa Fe and Homestake (termination fee) for Santa Fe's 1997 tax year. For the reasons stated herein, we find that Santa Fe is entitled to a deduction pursuant to sections 162 and 165.1

FINDINGS...

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