Perry Urken

Nov 14, 2023 | ryan.com | Brian Vincent |Ian Gray |Perry Urken |Rodrigo Fernández

The Louisiana Department of Revenue (“Department”) recently filed suit1 to collect unpaid income taxes from ConocoPhillips Company (“Conoco”) for years between 2008 and 2011, alleging distortion in income based on intercompany transactions. Conoco, a Texas-based oil company, was audited by the Department in 2016, with emphasis on the company’s transfer pricing policy, which involved the valuation of assets between commonly controlled related businesses.