Dealer Eligible for a $ 4M Refund on Oil Export Tax, Spherical 5 Mentioned

Law360 (Aug 2, 2021, 1:25 p.m. EDT) – A Texas federal court rightly gave a commodities trader a refund of $ 4.2 million on taxes paid on crude oil exports after stealing the tax as unconstitutional, said the dealer asked the Fifth Circuit to confirm the verdict.

The excise tax on crude oil exports under Section 4611 (b) of the Internal Revenue Code violates the export clause of the U.S. Constitution that prohibits Congress from levying taxes on exports, Trafigura Trading LLC briefly told the appeals court on Friday. Texas federal court rightly awarded the company a refund of $ 4.2 million plus statutory interest on excise taxes …

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