GLW » Topics » Tax Matters

This excerpt taken from the GLW 10-K filed Feb 15, 2008.

Tax Matters

The IRS commenced an examination of the Company’s U.S. income tax returns for 2004 and 2005 in the third quarter of 2006. In addition, certain foreign jurisdictions including Germany and Belgium, and certain states have commenced examinations of returns filed by some of the Company and some of its foreign subsidiaries. Management anticipates that all audits currently underway will be closed during 2008. As of December 31, 2007, neither the IRS nor any of the foreign jurisdictions has proposed any significant adjustments to the Company’s tax returns that would materially affect the Company’s financial position. See Note 6 for further information.

In May 1999, the Company received a Statutory Notice of Deficiency (the “Notice”) from the IRS. The Notice asserted tax deficiencies totaling approximately $65.3 relating to the Company’s consolidated federal income tax returns for the 1995 and 1996 calendar years. In August 2004, the Company received a Notice of Proposed Adjustment (the “Adjustment Notice”) from the IRS related to the Company’s consolidated federal income tax returns for the 1997, 1998, and 1999 calendar years. The Adjustment Notice asserted tax deficiencies totaling approximately $116.9. The issues addressed in the Notice and the Adjustment Notice, along with related issues for the periods 2000 through 2003, were settled with the IRS during the year ended December 31, 2006 for approximately $13.5 in conjunction with the completion of the IRS audit covering the periods 1992 through 2003 (the “IRS Audit”). Based upon established reserves, the resolution of the IRS Audit resulted in a $66.6 reduction in “Income tax provision” as reported in the consolidated statements of income for the period ended June 30, 2006.

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

Tax Matters

In May 1999, the Company received a Statutory Notice of Deficiency (the “Notice”) from the United States Internal Revenue Service (“IRS”). The Notice asserted tax deficiencies totaling approximately $65.3 relating to the Company’s consolidated federal income tax returns for the 1995 and 1996 calendar years. In August 2004, the Company received a Notice of Proposed Adjustment (the “Adjustment Notice”) from the IRS related to the Company’s consolidated federal income tax returns for the 1997, 1998, and 1999 calendar years. The Adjustment Notice asserted tax deficiencies totaling approximately $116.9. The issues addressed in the Notice and the Adjustment Notice, along with related issues for the periods 2000 through 2003, were settled with the IRS during the year ended December 31, 2006 for approximately $13.5 in conjunction with the completion of the IRS audit covering the periods 1992 through 2003 (the “IRS Audit”). Based upon established reserves, the resolution of the IRS Audit resulted in a $66.6 reduction in “Income tax provision” as reported in the consolidated statements of income for the year ended December 31, 2006.

EXCERPTS ON THIS PAGE:

10-K
Feb 15, 2008
10-K
Feb 27, 2007
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