Sunoco loses appeals court ruling in excise tax case

|About: Sunoco LP (SUN)|By:, SA News Editor

A U.S. appeals court has upheld a lower court ruling that Sunoco (SUN +0.5%) should not be allowed to deduct $1B in alcohol fuel mixture credits on its federal excise tax returns.

The Department of Justice says SUN sought to reduce its federal income taxes with an excise tax expense that was never paid.

The appeals court held that the plain language of the Internal Revenue Code precluded SUN from obtaining a $300M reduction in taxes, the DoJ says.

Subscribe for full text news in your inbox