February 23, 2016 - 6:00 AM EST
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Offshore Rig Repair Co. Wins Texas Franchise Tax Case

AUSTIN, Texas, Feb. 23, 2016 /PRNewswire/ -- In Gulf Copper & Manufacturing Corp. v. Hegar, a Texas district court awarded full relief to Gulf Copper, upholding its position on both the Revenue Exclusion for Real Property Subcontractors and Cost of Goods Sold formula. The court rejected the Comptroller's argument that a fee-sharing contract was required in order to exclude revenues paid to subcontractors. The court also allowed the full Cost of Goods Sold deduction, which included costs incurred to remove defective portions of customers' offshore oil rigs, as well as the costs to install the new components. We anticipate that the Comptroller will appeal the decision.  

For more information, contact or Jimmy Martens or Danielle Ahlrich with Martens, Todd, Leonard, Taylor & Ahlrich, the law firm that tried Gulf Copper's case, at (512) 542-9898.

About Martens, Todd, Leonard, Taylor & Ahlrich
Martens, Todd, Leonard, Taylor & Ahlrich is a tax litigation and appellate law firm headquartered in Austin, Texas.  The firm's state tax practice focuses on the Texas franchise and the Texas sales & use tax.  The firm's attorneys have handled cases all the way through the Texas Supreme Court and U.S. Supreme Court.  The firm's attorneys speak and write frequently on a variety of tax topics, and have published articles in publications such as The Journal of State Taxation, the Texas Bar Journal, the Texas Lawyer, and the Texas Tech Administrative Law Journal.  For more information, please visit http://www.textaxlaw.com.  


To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/offshore-rig-repair-co-wins-texas-franchise-tax-case-300224184.html

SOURCE Martens, Todd & Leonard

Source: PR Newswire (February 23, 2016 - 6:00 AM EST)

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