CEG » Topics » Income Tax Audits

These excerpts taken from the CEG 10-K filed Feb 27, 2009.

Income Tax Audits

We file income tax returns in the United States and foreign jurisdictions. With few exceptions, we are no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for the years before 2005. In 2008, the IRS examination of our consolidated federal income tax returns for the tax years 2002 through 2004 was settled and the federal statute of limitations for those years is scheduled to expire on April 15, 2009. In addition, in 2008 the IRS initiated an audit of our consolidated federal income tax returns for the tax years 2005 through 2007. Although the final outcome of the 2005-2007 IRS audit and future tax audits is uncertain, we believe that adequate provisions for income taxes have been made for potential liabilities resulting from such matters.

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Income Tax Audits



We file income tax returns in the United States and foreign jurisdictions. With few exceptions, we are no longer subject to U.S.
federal, state and local, or non-U.S. income tax examinations by tax authorities for the years before 2005. In 2008, the IRS examination of our consolidated federal income tax returns for
the tax years 2002 through 2004 was settled and the federal statute of limitations for those years is scheduled to expire on April 15, 2009. In addition, in 2008 the IRS initiated an audit of
our consolidated federal income tax returns for the tax years 2005 through 2007. Although the final outcome of the 2005-2007 IRS audit and future tax audits is uncertain, we believe that
adequate provisions for income taxes have been made for potential liabilities resulting from such matters.



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These excerpts taken from the CEG 10-K filed Feb 27, 2008.

Income Tax Audits

We file income tax returns in the United States and foreign jurisdictions. With few exceptions, we are no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for the years before 2002. In February 2008, the IRS completed its examination of our consolidated federal income tax returns for the tax years 2002 through 2004. We intend to file an administrative appeal of certain audit adjustments made by the IRS as part of its examination. Although the final outcome of the 2002-2004 IRS audit and future tax audits is uncertain, we believe that adequate provisions for income taxes have been made for potential liabilities resulting from such matters.

Income Tax Audits



We file income tax returns in the United States and foreign jurisdictions. With few exceptions, we are no longer subject to U.S. federal, state and local, or
non-U.S. income tax examinations by tax authorities for the years before 2002. In February 2008, the IRS completed its examination of our consolidated federal income tax returns for
the tax years 2002 through 2004. We intend to file an administrative appeal of certain audit adjustments made by the IRS as part of its examination. Although the final outcome of the 2002-2004 IRS
audit and future tax audits is uncertain, we believe that adequate provisions for income taxes have been made for potential liabilities resulting from such matters.



This excerpt taken from the CEG 10-K filed Feb 27, 2007.

Income Tax Audits

Our consolidated federal income tax returns for the for the tax years  2002 through 2004 are currently under examination by the IRS. Our consolidated federal income tax returns for the 2001 and prior tax years are closed under the statute of limitations. Income tax returns filed in other jurisdictions are also subject to audit for additional tax periods. Although the final outcome of current and future tax audits is uncertain, we believe that adequate provisions for income taxes have been made for potential liabilities resulting from such matters.



11 Leases


There are two types of leases—operating and capital. Capital leases qualify as sales or purchases of property and are reported in our Consolidated Balance Sheets. Our capital leases are not material in amount. All other leases are operating leases and are reported in our Consolidated Statements of Income. We expense all lease payments associated with our regulated business. Lease expense and future minimum payments for long-term, noncancelable, operating leases are not material to BGE’s financial results. We present information about our operating leases below.

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