The U.S. Supreme Court has agreed to consider whether utilities that paid a windfall tax in the U.K. can claim a foreign tax credit on their U.S. tax returns. At issue is a ruling against the U.S. energy company PPL Corp. (PPL), which had taken a stake in Britain's South Western Electricity Plc, - which was one of the companies included in a UK privatization of 32 companies in the 1980s and 1990s. A decision is expected by the end of June.
The U.S. Supreme Court has agreed to consider whether utilities that paid a windfall tax in the...
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