CNS » Topics » F-21

This excerpt taken from the CNS 10-K filed Mar 16, 2009.

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Table of Contents

COHEN & STEERS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

 

The Company adopted the provisions of FIN 48, an interpretation of SFAS 109, on January 1, 2007. At December 31, 2008, the Company had approximately $5,684,000 of total gross unrecognized tax benefits. Of this total, approximately $3,434,000 (net of the federal benefit on state issues) represents the amount of unrecognized tax benefits that, if recognized, would favorably affect the Company’s effective tax rate in future periods. The Company expects to reduce its unrecognized tax benefits by $784,000 within the next twelve months due to the lapse of the statute of limitations on certain positions.

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits from continuing operations is as follows (in thousands):

 

      Liability for Unrecognized Tax Benefits  

Gross unrecognized tax benefits balance at January 1, 2007 (adoption date)

   $ 1,731  

Addition for tax positions of current year

     951  

Addition for tax positions of prior years

     2,808  
        

Gross unrecognized tax benefits balance at December 31, 2007

   $ 5,490  

Addition for tax positions of current year

     1,408  

Addition for tax positions of prior years

     492  

Reversal of tax positions from prior years

     (1,706 )
        

Gross unrecognized tax benefits balance at December 31, 2008

   $ 5,684  
        

 

 

The Company recognizes potential interest and penalties related to uncertain tax positions in the provision for income taxes. At December 31, 2008 and 2007, the Company had accrued approximately $598,000 and $672,000, respectively, in potential interest associated with uncertain tax positions.

The tax years 2004 through 2008 remain open to examination by various taxing jurisdictions.

A reconciliation of the Company’s statutory federal income tax rate and the effective tax rate from continuing operations for the years ended December 31, 2008, 2007 and 2006 is as follows:

 

      2008      2007      2006  

U.S. statutory tax rate

   35.0 %    35.0 %    35.0 %

State and local income taxes, net of federal income taxes

   5.6 %    5.6 %    5.5 %

Revaluation of deferred tax assets related to unrealized loss on investments, available-for-sale

   7.0 %          

Non-deductibility of realized losses on sales of securities

   4.5 %          

Adjustment from estimated provision to actual return

   (1.2 )%          

Revaluation of deferred tax assets and liabilities due to reduction to overall state tax rates

             (3.2 )%

Revaluation of deferred tax assets and liabilities due to New York State law change

              

Foreign operations tax differential

   (5.3 )%    (3.8 )%    8.0 %

Other

   (0.2 )%    1.0 %    (0.5 )%
                    

Effective income tax rate

   45.4 %    37.8 %    44.8 %
                    

 

 

These excerpts taken from the CNS 10-K filed Mar 14, 2008.

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COHEN & STEERS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

 

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COHEN & STEERS, INC. AND SUBSIDIARIES

SIZE="2">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

 

This excerpt taken from the CNS 10-K filed Mar 15, 2007.

F-21


COHEN & STEERS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

 

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