As major oil and natural gas producers report staggering first-quarter profits, the Senate Finance Committee said it will undertake an investigation into the taxes paid by large energy companies and has asked the Internal Revenue Office (IRS) to provide corporate tax returns.

“We would like to inspect the annual federal corporate income tax returns for the last five years of the largest 15 oil and gas companies based on sales,” said Senate Finance Committee Chairman Charles Grassley (R-IA) and Sen. Max Baucus of Montana, the ranking Democrat on the finance panel, in a letter Wednesday to IRS Commissioner Mark W. Everson.

“We’re seeing record profits and significant executive compensation in the oil and gas industry. We all know there can be a slip between cup and lip on corporate profits made and taxes paid. I want to make sure the oil companies aren’t taking a speed pass by the tax man,” Grassley said.

“It’s relevant to know what the real financial picture is for this industry because the financial picture for American consumers is pretty bleak,” Baucus added.

“While our review of the federal taxes paid by these companies will be comprehensive, we would initially like to see consolidated Forms 1120 (the U.S. corporate income tax return), 1118 (Foreign tax credits-corporations), 5471 (Information with respect to certain controlled foreign corporations), 6765 (Credit for increasing research activities), Schedule M-3 (Net income (loss) reconciliation for corporations with total assets of $10 million or more), if applicable during those years, and any supplementary schedules, statements or attachments,” the senators said.

This action by the Senate Finance Committee is considered unusual, but not unprecedented. The last time the panel sought corporate tax records were those of Enron Corp., according to The Washington Post. The request for the tax records comes amid an outcry on Capitol Hill in recent days over the soaring price of gasoline at the pump. Republicans and Democrats alike have called for investigations into possible price gouging.

In seeking the tax records, Grassley and Baucus said “recent press articles have highlighted the industry’s record profits, as well as an extremely lucrative retirement plan by one oil and gas industry executive, benefits which may have been subsidized in part by the taxpayers.”

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