C » Topics » Resolution of Federal Tax Audit

This excerpt taken from the C 10-Q filed Aug 3, 2007.

Resolution of Federal Tax Audit

In March 2006, the Company received a notice from the Internal Revenue Service (IRS) that they had concluded the tax audit for the years 1999 through 2002 (referred to hereinafter as the “resolution of the Federal Tax Audit”). For the first quarter of 2006, the Company released a total of $657 million from its tax contingency reserves related to the resolution of the Federal Tax Audit.

The following table summarizes the 2006 first quarter tax benefits, by business, from the resolution of the Federal Tax Audit:

In millions of dollars

 

Total

 

Global Consumer

 

$

290

 

Markets & Banking

 

176

 

Global Wealth Management

 

13

 

Alternative Investments

 

58

 

Corporate/Other

 

61

 

Continuing Operations

 

$

598

 

 

 

 

 

Discontinued Operations

 

59

 

Total

 

$

657

 

 

This excerpt taken from the C 10-Q filed May 4, 2007.

Resolution of Federal Tax Audit

        In March 2006, the Company received a notice from the Internal Revenue Service (IRS) that they had concluded the tax audit for the years 1999 through 2002 (referred to hereinafter as the "resolution of the Federal Tax Audit"). For the first quarter of 2006, the Company released a total of $657 million from its tax contingency reserves related to the resolution of the Federal Tax Audit.

        The following table summarizes the 2006 first quarter tax benefits, by business, from the resolution of the Federal Tax Audit:

In millions of dollars

  Total
Global Consumer   $ 290
Markets & Banking     176
Global Wealth Management     13
Alternative Investments     58
Corporate/Other     61
   
Continuing Operations   $ 598
   
Discontinued Operations     59
   
Total   $ 657
   

EXCERPTS ON THIS PAGE:

10-Q
Aug 3, 2007
10-Q
May 4, 2007
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