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Jackson Walker Wins Texas Supreme Court Victory for Client in Franchise Tax Case - On May 27, the Texas Supreme Court ruled in favor of TGS-NOPEC Geophysical Company in its dispute with the Texas Comptrollerís Office over how the licensing of geophysical data should be categorized for Texas franchise tax purposes - JW.com
Jackson Walker Wins Texas Supreme Court Victory for Client in Franchise Tax Case

 

PRZOOM - /newswire/ - Dallas, TX, United States, 2011/06/08 - On May 27, the Texas Supreme Court ruled in favor of TGS-NOPEC Geophysical Company in its dispute with the Texas Comptrollerís Office over how the licensing of geophysical data should be categorized for Texas franchise tax purposes - JW.com.

   
 
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TGS gathers and interprets seismic and geophysical data that is used by the oil and gas industry. In its decision, the court agreed with TGS that revenue from the licensing of this data should be characterized as receipts from the license or sale of an intangible asset rather than from the use of a license. The distinction is important because receipts from the sale of an intangible asset are only allocated to Texas if the purchaserís ďlegal domicileĒ is in Texas.

Based on this determination, the court further ruled that the Comptrollerís office should refund TGS all of the taxes, penalties and interest that the company overpaid as a result of the Comptrollerís mischaracterization of its receipts.

The courtís decision was a significant victory for the company and has broad-ranging implications both for the seismic and geophysical data industry and potentially for other Texas industries that grant licenses for intangible assets.

TGS was represented by Jackson Walker partner James T. McBride in Houston, with assistance from senior counsel Maryellen Shea, associate Elaine Conway, and partner Steven D. Moore in Austin.

About Jackson Walker L.L.P.
Jackson Walker L.L.P. (jw.com) has more than 120 years of experience in providing legal counsel to clients throughout Texas, the United States and internationally. The firm provides a strong regional base of more than 330 attorneys in Austin, Dallas, Fort Worth, Houston, San Angelo and San Antonio.

 
 
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Jackson Walker Wins Texas Supreme Court Victory for Client in Franchise Tax Case

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Contact: Michelle Steckel - JW.com 
214-953-5686
 
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IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any Jackson Walker, LLP securities in any jurisdiction including any other companies listed or named in this release.

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