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Eversheds Sutherland (US) LLP

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Spreading like wildfires - The IRS addresses an atypical “government grant” under IRC Sec. 197

In the wake of the devastating wildfires that engulfed the State of California in 2019, California enacted legislation, California Assembly Bill 1054, to, amongst other things, authorize the creation of a Wildfire Fund. The...more

6/15/2020 / Federal Grants , Internal Revenue Code (IRC) , New Legislation , Public Utility , Wildfires

IRS reaffirms stance on public utility property for wind energy facility, but again declines to address I.R.C. Sec. 707(b) issue

In PLR 202020011, the Internal Revenue Service (IRS) reaffirmed that a wind energy facility owned by a utility affiliate and unrelated investor in a LLC taxable as a partnership was not “public utility property” because the...more

5/20/2020 / Internal Revenue Code (IRC) , IRS , Limited Liability Company (LLC) , Partnerships , Popular , Public Utility , Wind Power

Normalization ruling covers new ground on supplemental rate proceedings and depreciation-related section 481 adjustments

On March 6, 2020, the Internal Revenue Service (IRS) released PLR 202010002, which provided the appropriate normalization treatment of infrastructure surcharges in supplemental rate proceedings as well as the proper...more

3/16/2020 / Accumulated Deferred Income Tax (ADIT) , Internal Revenue Code (IRC) , IRS , Public Utility , Tax Rates , Utility Rates

IRS rules no violation of normalization requirements in computation of pro rata portion of ADIT used to reduce rate base

In a recent private letter ruling (PLR 201949006), the Internal Revenue Service (IRS) addressed the computation of the pro rata portion of accumulated deferred federal income tax reserve (ADFIT, together with the total...more

12/16/2019 / Accumulated Deferred Income Tax (ADIT) , Internal Revenue Code (IRC) , IRS , Private Letter Rulings , Public Utility , Tax Rates , Utility Rates

IRS clarifies the corrective measures a regulated transmission utility must undertake to avoid a normalization violation

In two recent private letter rulings (PLRs 201930015 and 201930016), the Internal Revenue Service (IRS) clarified the corrective measures a regulated transmission utility must undertake to avoid a normalization violation. In...more

8/1/2019 / FERC , IRS , Private Letter Rulings , Public Utility

IRS reaffirms that negotiated rates under PPA prevents solar facility from classification as “public utility property”

In Private Letter Ruling 201923019 (Feb. 21, 2019) (publicly released on June 10, 2019), the Internal Revenue Service (IRS) addressed a state statute that allowed a regulated public utility to acquire an unregulated solar...more

6/13/2019 / IRS , Power Purchase Agreements , Private Letter Rulings , Public Utility , Solar Farm , Utility Rates

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