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C » Topics » Settlement of New York State and New York City Tax Audits

This excerpt taken from the C 10-Q filed Nov 3, 2006.

Settlement of New York State and New York City Tax Audits

        In September 2006, Citigroup reached a settlement agreement with the New York State and New York City taxing authorities regarding various tax liabilities for the years 1998 - 2005 (referred to above and hereinafter as the "resolution of the New York Tax Audits").

        For the 2006 third quarter, the Company released $254 million from its tax contingency reserves, which resulted in increases of $237 million in after-tax income from continuing operations and $17 million in after-tax income from discontinued operations.

        The following table summarizes the 2006 third quarter tax benefit, by business, from the resolution of the New York Tax Audits:

In millions of dollars

   2006 Third Quarter
U.S. Cards   $ 39
U.S. Retail Distribution     4
U.S. Consumer Lending     10
U.S. Commercial Business     1
   

Total U.S. Consumer
 
$
54
International Cards     5
International Consumer Finance     1
International Retail Banking     18
   
Total International Consumer   $ 24
Consumer Other     1
   
Global Consumer   $ 79
Capital Markets and Banking     97
Transaction Services     19
   

Corporate & Investment Banking
 
$
116
Smith Barney     31
Private Bank     3
   

Global Wealth Management
 
$
34

Alternative Investments
 
 
—

Corporate/Other
 
 
8
   
Continuing Operations   $ 237
   
Discontinued Operations     17
   
Total   $ 254
   

8

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