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Substance over Form: Creditability of the 1997 U.K. Windfall Tax as an Excess Profits Tax Under I.R.C. § 901


Timothy Nuccio


University of Iowa College of Law; University of Iowa Tippie College of Business

July 1, 2012

Transnational Law & Contemporary Problems, 2013

Abstract:     
This paper analyzes the U.K. Windfall Tax's creditability under § 901 of the Internal Revenue Code and its associated regulation. When this paper was originally written in the fall of 2011, the United States Tax Court had found the U.K. Windfall Tax creditable in two cases. Both were appealed to separate circuits, and while the Entergy case was affirmed, the PPL case was reversed. The Supreme Court has since granted certiorari and will resolve the circuit split this year.

This Note shows that the extrinsic evidence is admissable to demonstrate creditability, and that the U.K. Windfall Tax is a creditable tax because it is an "excess profits tax." It uses historical evidence of the 1940s-era Excess Profits Tax to show that the U.K. Windfall Tax fits squarely into the definition of excess profits taxes contemplated by Congress when they passed the Revenue Act of 1918, from which the current § 901 came verbatim.

Number of Pages in PDF File: 29

Keywords: Internal revenue code, 901, § 901, war profits, excess profits, income tax, IRS, PPL, Entergy, Commissioner, PPL v. CIR, Entergy v. CIR

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Date posted: November 30, 2012 ; Last revised: May 20, 2013

Suggested Citation

Nuccio, Timothy, Substance over Form: Creditability of the 1997 U.K. Windfall Tax as an Excess Profits Tax Under I.R.C. § 901 (July 1, 2012). Transnational Law & Contemporary Problems, 2013. Available at SSRN: http://ssrn.com/abstract=2182739

Contact Information

Timothy Nuccio (Contact Author)
University of Iowa College of Law ( email )
Melrose and Byington
Iowa City, IA 52242
United States
University of Iowa Tippie College of Business ( email )
108 Pappajohn Building
Iowa City, IA 52242
United States
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