Jackson Walker Wins Texas Supreme Court Victory for Client in Franchise Tax Case
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 purchaser’s “legal domicile” is in Texas.
Based on this determination, the court further ruled that the Comptroller’s office should refund TGS all of the taxes, penalties and interest that the company overpaid as a result of the Comptroller’s mischaracterization of its receipts.
The court’s 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.
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