Question

An August 11, 2020 article from WorldOil Magazine had the following headline: "Marathon Sets Up for $1.1 Billion Tax Refund via Coronavirus Aid Law." The article goes on to discuss Marathon's plans for a substantial tax refund.

Please provide a specific question or topic you'd like to address related to this article or Marathon's tax refund plans

Answer 1

Marathon plans to set up a $1.1 billion tax refund through the Coronavirus Aid Law.

Step-by-step explanation:

The article from WorldOil Magazine discussing Marathon's tax refund is related to the business impacts of the coronavirus relief legislation. The refund is a result of Marathon's financial activities and their interaction with the tax provisions provided under the coronavirus aid law. When a company, or an individual, pays more in taxes than they owe within a tax year, they are eligible for a tax refund. This may happen due to prepayments or deductions that reduce the tax liability beyond the taxes already paid. The situation with Marathon is of larger scale but is based on the same principle that applies to individual taxpayers who receive refunds before the yearly deadline, typically April 15th.