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The U.S. Supreme Court grants certiorari to resolve a split between the U.S. Courts of Appeals for the Third and Fifth on whether the United Kingdom's windfall profits tax is a creditable foreign income tax under Internal Revenue Code Section 901. The Third Circuit, in PPL Corp. v. Commissioner, holds that a U.K. windfall tax levied against U.K. companies on a one-time basis after the privatization of British utilities and transit operators is not an “income, war profits, [or] excess profits” tax within the meaning of tax code Section 901(b)(1). Therefore, the court says, PPL Corp. was not entitled to a tax credit for the 1997 tax year, as the claimed foreign tax did not qualify for a foreign tax credit. The high court also denies the motion of petitioner Jeffrey Maehr, Docket No. 12-6169, to proceed in forma pauperis.
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