0 26 18 04 350 30 13 06 350 28 05 01 362 fed

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: fed eral benefit Dom estic p rod u ction activity d ed u ction Other, includ ing tax reserves and related interest 2008 36.1% 37.2% The American Jobs Creation Act of 2004 m ad e a nu m ber of changes to the incom e tax law s inclu ding the creation of a d ed u ction for qu alifying d om estic p rod u ction activities. The d ed u ction equ als three p ercent of qualifying net incom e for fiscal 2007, six percent for fiscal 2008 throu gh 2010, and nine percent for fiscal 2011 and thereafter. Ou r tax p rovisions for fiscal years 2009, 2008, and 2007 reflect benefits of $100 m illion, $97 m illion and $41 m illion, resp ectively, resulting from this d ed u ction. The Comp any ad op ted new accounting guid ance for incom e taxes at the beginning of fiscal year 2008. See Note 2 for the im p act of ad opting this gu idance. A reconciliation of the beginning and end ing am ount of gross u nrecognized tax benefits, exclud ing the related accru al for interest, is as follow s: 2008 2009 Balance at the beginning of the year Increases for cu rrent year tax p ositions Increases for prior year tax p ositions Decreases in p rior year tax positions Settlem ents w ith taxing authorities $ Balance at the end of the year $ $ 655 630 99 221 (189) (106) 63 17 (7) (42) $ 686 655 The year end 2009 and 2008 balances includ e $367 m illion and $353 m illion, resp ectively, that if recognized , w ou ld redu ce ou r incom e tax exp ense and effective tax rate after giving effect to offsetting...
View Full Document

This homework help was uploaded on 03/27/2014 for the course ACCOUNTING 151 taught by Professor Chinn during the Spring '12 term at Lehigh University .

Ask a homework question - tutors are online