November 21, 2019 / 11:00 PM / 21 days ago

IN BRIEF: Baker Hughes can’t deduct $52M sent to Russian fracking subsidiary - 5th Circuit  

Oilfield services provider Baker Hughes Co cannot claim an income-tax deduction for $52 million that its predecessor, BJ Services Co, sent in 2008 to a Russian fracking subsidiary, the 5th U.S. Circuit Court of Appeals held Thursday.

The decision affirms a 2018 ruling by a federal judge in Houston, who rejected Baker Hughes’ argument that the money was deductible as a bad debt or an ordinary and necessary business expense.

To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/37ojTc9

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