Anadarko Takes IRS to Court in Fight Over Capital Loss Denial

The hurricane’s damage and flooding in south Texas didn’t stop Anadarko Petroleum Corporation from suing the IRS this week in Texas federal court.

The Houston-based company sued the IRS because it refused to recognize a nearly $16 million capital loss two years. The lawsuit alleges the agency also changed its rules covering the deferral of such claims in order to block refund requests.

Anadarko stated the capital loss totaled $15.6 million. The suit pointed out that the Internal Revenue Service accepted the company’s claim for a $60.7 million refund in 2010 but not a claim in 2015.

In July, Anadarko reported a net loss of $415 million in the second quarter of 2017.

 

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