GHL » Topics » Income Taxes

These excerpts taken from the GHL 10-K filed Feb 26, 2009.
Income Taxes
 
Since the Partnerships are not subject to income taxes, there is no provision for income taxes in the combined financial statements. The partners include their allocable share of partnership income and loss in their respective tax returns.
 
In June 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48 “Accounting for Uncertainty in Income Taxes” (“FIN 48”). FIN 48 clarifies the accounting on how uncertain income tax positions are recognized, measured, presented and disclosed in the combined financial statements in accordance with FASB No. 109, “Accounting for Income Taxes” (“SFAS 109”). FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Partnership’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. In May 2007, the FASB issued Staff Position FIN 48-1, “Definition of Settlement in FASB Interpretation No. 48” (“FSP FIN 48-1”), which provides guidance on how an enterprise should determine whether a tax position is effectively settled for the purpose of recognizing previously unrecognized tax benefits. FSP FIN 48-1 is effective with the initial adoption of FIN 48. FIN 48 was initially effective for fiscal years beginning after December 15, 2006 and is applied to all open tax years as of the effective date. On December 30, 2008, the FASB issued FSP FIN 48-3, “Effective Date of FASB Interpretation No. 48 for Certain Nonpublic Enterprises,” which provided additional deferral of FIN 48 for certain non public entities until annual statements for the fiscal years beginning after December 15, 2008. The Partnerships have elected to defer the adoption of FIN 48 pursuant to this FSP. As of December 31, 2008, the Partnerships are evaluating the implications of FIN 48 and its impact on the financial statements has not yet been determined.
 
Income Taxes
 
Since the Partnerships are not subject to income taxes, there is no provision for income taxes in the combined financial statements. The partners include their allocable share of partnership income and loss in their respective tax returns.
 
In June 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48 “Accounting for Uncertainty in Income Taxes” (“FIN 48”). FIN 48 clarifies the accounting on how uncertain income tax positions are recognized, measured, presented and disclosed in the combined financial statements in accordance with FASB No. 109, “Accounting for Income Taxes” (“SFAS 109”). FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Partnership’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. In May 2007, the FASB issued Staff Position FIN 48-1, “Definition of Settlement in FASB Interpretation No. 48” (“FSP FIN 48-1”), which provides guidance on how an enterprise should determine whether a tax position is effectively settled for the purpose of recognizing previously unrecognized tax benefits. FSP FIN 48-1 is effective with the initial adoption of FIN 48. FIN 48 was initially effective for fiscal years beginning after December 15, 2006 and is applied to all open tax years as of the effective date. On December 30, 2008, the FASB issued FSP FIN 48-3, “Effective Date of FASB Interpretation No. 48 for Certain Nonpublic Enterprises,” which provided additional deferral of FIN 48 for certain non public entities until annual statements for the fiscal years beginning after December 15, 2008. The Partnerships have elected to defer the adoption of FIN 48 pursuant to this FSP. As of December 31, 2008, the Partnerships are evaluating the implications of FIN 48 and its impact on the financial statements has not yet been determined.
 
Income Taxes
 
Since the Partnerships are not subject to income taxes, there is no provision for income taxes in the combined financial statements. The partners include their allocable share of partnership income and loss in their respective tax returns.
 
In June 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48 “Accounting for Uncertainty in Income Taxes” (“FIN 48”). FIN 48 clarifies the accounting on how uncertain income tax positions are recognized, measured, presented and disclosed in the combined financial statements in accordance with FASB No. 109, “Accounting for Income Taxes” (“SFAS 109”). FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Partnership’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. In May 2007, the FASB issued Staff Position FIN 48-1, “Definition of Settlement in FASB Interpretation No. 48” (“FSP FIN 48-1”), which provides guidance on how an enterprise should determine whether a tax position is effectively settled for the purpose of recognizing previously unrecognized tax benefits. FSP FIN 48-1 is effective with the initial adoption of FIN 48. FIN 48 was initially effective for fiscal years beginning after December 15, 2006 and is applied to all open tax years as of the effective date. On December 30, 2008, the FASB issued FSP FIN 48-3, “Effective Date of FASB Interpretation No. 48 for Certain Nonpublic Enterprises,” which provided additional deferral of FIN 48 for certain non public entities until annual statements for the fiscal years beginning after December 15, 2008. The Partnerships have elected to defer the adoption of FIN 48 pursuant to this FSP. As of December 31, 2008, the Partnerships are evaluating the implications of FIN 48 and its impact on the financial statements has not yet been determined.
 
Income
Taxes



 



Since the Partnerships are not subject to income taxes, there is
no provision for income taxes in the combined financial
statements. The partners include their allocable share of
partnership income and loss in their respective tax returns.


 



In June 2006, the Financial Accounting Standards Board
(“FASB”) released FASB Interpretation No. 48
“Accounting for Uncertainty in Income Taxes”
(“FIN 48”). FIN 48 clarifies the accounting
on how uncertain income tax positions are recognized, measured,
presented and disclosed in the combined financial statements in
accordance with FASB No. 109, “Accounting for Income
Taxes” (“SFAS 109”). FIN 48 requires
the evaluation of tax positions taken or expected to be taken in
the course of preparing the Partnership’s tax returns to
determine whether the tax positions are
“more-likely-than-not” of being sustained by the
applicable tax authority. Tax positions not deemed to meet the
more-likely-than-not threshold would be recorded as a tax
benefit or expense in the current year. In May 2007, the FASB
issued Staff Position
FIN 48-1,
“Definition of Settlement in FASB Interpretation
No. 48” (“FSP
FIN 48-1”),
which provides guidance on how an enterprise should determine
whether a tax position is effectively settled for the purpose of
recognizing previously unrecognized tax benefits. FSP
FIN 48-1
is effective with the initial adoption of FIN 48.
FIN 48 was initially effective for fiscal years beginning
after December 15, 2006 and is applied to all open tax
years as of the effective date. On December 30, 2008, the
FASB issued FSP
FIN 48-3,
“Effective Date of FASB Interpretation No. 48 for
Certain Nonpublic Enterprises,” which provided additional
deferral of FIN 48 for certain non public entities until
annual statements for the fiscal years beginning after
December 15, 2008. The Partnerships have elected to defer
the adoption of FIN 48 pursuant to this FSP. As of
December 31, 2008, the Partnerships are evaluating the
implications of FIN 48 and its impact on the financial
statements has not yet been determined.


 




Income
Taxes



 



Since the Partnerships are not subject to income taxes, there is
no provision for income taxes in the combined financial
statements. The partners include their allocable share of
partnership income and loss in their respective tax returns.


 



In June 2006, the Financial Accounting Standards Board
(“FASB”) released FASB Interpretation No. 48
“Accounting for Uncertainty in Income Taxes”
(“FIN 48”). FIN 48 clarifies the accounting
on how uncertain income tax positions are recognized, measured,
presented and disclosed in the combined financial statements in
accordance with FASB No. 109, “Accounting for Income
Taxes” (“SFAS 109”). FIN 48 requires
the evaluation of tax positions taken or expected to be taken in
the course of preparing the Partnership’s tax returns to
determine whether the tax positions are
“more-likely-than-not” of being sustained by the
applicable tax authority. Tax positions not deemed to meet the
more-likely-than-not threshold would be recorded as a tax
benefit or expense in the current year. In May 2007, the FASB
issued Staff Position
FIN 48-1,
“Definition of Settlement in FASB Interpretation
No. 48” (“FSP
FIN 48-1”),
which provides guidance on how an enterprise should determine
whether a tax position is effectively settled for the purpose of
recognizing previously unrecognized tax benefits. FSP
FIN 48-1
is effective with the initial adoption of FIN 48.
FIN 48 was initially effective for fiscal years beginning
after December 15, 2006 and is applied to all open tax
years as of the effective date. On December 30, 2008, the
FASB issued FSP
FIN 48-3,
“Effective Date of FASB Interpretation No. 48 for
Certain Nonpublic Enterprises,” which provided additional
deferral of FIN 48 for certain non public entities until
annual statements for the fiscal years beginning after
December 15, 2008. The Partnerships have elected to defer
the adoption of FIN 48 pursuant to this FSP. As of
December 31, 2008, the Partnerships are evaluating the
implications of FIN 48 and its impact on the financial
statements has not yet been determined.


 




Income
Taxes



 



Since the Partnerships are not subject to income taxes, there is
no provision for income taxes in the combined financial
statements. The partners include their allocable share of
partnership income and loss in their respective tax returns.


 



In June 2006, the Financial Accounting Standards Board
(“FASB”) released FASB Interpretation No. 48
“Accounting for Uncertainty in Income Taxes”
(“FIN 48”). FIN 48 clarifies the accounting
on how uncertain income tax positions are recognized, measured,
presented and disclosed in the combined financial statements in
accordance with FASB No. 109, “Accounting for Income
Taxes” (“SFAS 109”). FIN 48 requires
the evaluation of tax positions taken or expected to be taken in
the course of preparing the Partnership’s tax returns to
determine whether the tax positions are
“more-likely-than-not” of being sustained by the
applicable tax authority. Tax positions not deemed to meet the
more-likely-than-not threshold would be recorded as a tax
benefit or expense in the current year. In May 2007, the FASB
issued Staff Position
FIN 48-1,
“Definition of Settlement in FASB Interpretation
No. 48” (“FSP
FIN 48-1”),
which provides guidance on how an enterprise should determine
whether a tax position is effectively settled for the purpose of
recognizing previously unrecognized tax benefits. FSP
FIN 48-1
is effective with the initial adoption of FIN 48.
FIN 48 was initially effective for fiscal years beginning
after December 15, 2006 and is applied to all open tax
years as of the effective date. On December 30, 2008, the
FASB issued FSP
FIN 48-3,
“Effective Date of FASB Interpretation No. 48 for
Certain Nonpublic Enterprises,” which provided additional
deferral of FIN 48 for certain non public entities until
annual statements for the fiscal years beginning after
December 15, 2008. The Partnerships have elected to defer
the adoption of FIN 48 pursuant to this FSP. As of
December 31, 2008, the Partnerships are evaluating the
implications of FIN 48 and its impact on the financial
statements has not yet been determined.


 




Income Taxes
 
Since the Partnerships are not subject to income taxes, there is no provision for income taxes in the combined financial statements. The partners include their allocable share of partnership income and loss in their respective tax returns.
 
In June 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48 “Accounting for Uncertainty in Income Taxes” (“FIN 48”). FIN 48 clarifies the accounting on how uncertain income tax positions are recognized, measured, presented and disclosed in the combined financial statements in accordance with FASB No. 109, “Accounting for Income Taxes” (“SFAS 109”). FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Partnership’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. In May 2007, the FASB issued Staff Position FIN 48-1, “Definition of Settlement in FASB Interpretation No. 48” (“FSP FIN 48-1”), which provides guidance on how an enterprise should determine whether a tax position is effectively settled for the purpose of recognizing previously unrecognized tax benefits. FSP FIN 48-1 is effective with the initial adoption of FIN 48. FIN 48 was initially effective for fiscal years beginning after December 15, 2006 and is applied to all open tax years as of the effective date. On December 30, 2008, the FASB issued FSP FIN 48-3, “Effective Date of FASB Interpretation No. 48 for Certain Nonpublic Enterprises,” which provided additional deferral of FIN 48 for certain non public entities until annual statements for the fiscal years beginning after December 15, 2008. The Partnerships have elected to defer the adoption of FIN 48 pursuant to this FSP. As of December 31, 2008, the Partnerships are evaluating the implications of FIN 48 and its impact on the financial statements has not yet been determined.
 
Income Taxes
 
Since the Partnerships are not subject to income taxes, there is no provision for income taxes in the combined financial statements. The partners include their allocable share of partnership income and loss in their respective tax returns.
 
In June 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48 “Accounting for Uncertainty in Income Taxes” (“FIN 48”). FIN 48 clarifies the accounting on how uncertain income tax positions are recognized, measured, presented and disclosed in the combined financial statements in accordance with FASB No. 109, “Accounting for Income Taxes” (“SFAS 109”). FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Partnership’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. In May 2007, the FASB issued Staff Position FIN 48-1, “Definition of Settlement in FASB Interpretation No. 48” (“FSP FIN 48-1”), which provides guidance on how an enterprise should determine whether a tax position is effectively settled for the purpose of recognizing previously unrecognized tax benefits. FSP FIN 48-1 is effective with the initial adoption of FIN 48. FIN 48 was initially effective for fiscal years beginning after December 15, 2006 and is applied to all open tax years as of the effective date. On December 30, 2008, the FASB issued FSP FIN 48-3, “Effective Date of FASB Interpretation No. 48 for Certain Nonpublic Enterprises,” which provided additional deferral of FIN 48 for certain non public entities until annual statements for the fiscal years beginning after December 15, 2008. The Partnerships have elected to defer the adoption of FIN 48 pursuant to this FSP. As of December 31, 2008, the Partnerships are evaluating the implications of FIN 48 and its impact on the financial statements has not yet been determined.
 
Income Taxes
 
Since the Partnerships are not subject to income taxes, there is no provision for income taxes in the combined financial statements. The partners include their allocable share of partnership income and loss in their respective tax returns.
 
In June 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48 “Accounting for Uncertainty in Income Taxes” (“FIN 48”). FIN 48 clarifies the accounting on how uncertain income tax positions are recognized, measured, presented and disclosed in the combined financial statements in accordance with FASB No. 109, “Accounting for Income Taxes” (“SFAS 109”). FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Partnership’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. In May 2007, the FASB issued Staff Position FIN 48-1, “Definition of Settlement in FASB Interpretation No. 48” (“FSP FIN 48-1”), which provides guidance on how an enterprise should determine whether a tax position is effectively settled for the purpose of recognizing previously unrecognized tax benefits. FSP FIN 48-1 is effective with the initial adoption of FIN 48. FIN 48 was initially effective for fiscal years beginning after December 15, 2006 and is applied to all open tax years as of the effective date. On December 30, 2008, the FASB issued FSP FIN 48-3, “Effective Date of FASB Interpretation No. 48 for Certain Nonpublic Enterprises,” which provided additional deferral of FIN 48 for certain non public entities until annual statements for the fiscal years beginning after December 15, 2008. The Partnerships have elected to defer the adoption of FIN 48 pursuant to this FSP. As of December 31, 2008, the Partnerships are evaluating the implications of FIN 48 and its impact on the financial statements has not yet been determined.
 
Income
Taxes



 



Since the Partnerships are not subject to income taxes, there is
no provision for income taxes in the combined financial
statements. The partners include their allocable share of
partnership income and loss in their respective tax returns.


 



In June 2006, the Financial Accounting Standards Board
(“FASB”) released FASB Interpretation No. 48
“Accounting for Uncertainty in Income Taxes”
(“FIN 48”). FIN 48 clarifies the accounting
on how uncertain income tax positions are recognized, measured,
presented and disclosed in the combined financial statements in
accordance with FASB No. 109, “Accounting for Income
Taxes” (“SFAS 109”). FIN 48 requires
the evaluation of tax positions taken or expected to be taken in
the course of preparing the Partnership’s tax returns to
determine whether the tax positions are
“more-likely-than-not” of being sustained by the
applicable tax authority. Tax positions not deemed to meet the
more-likely-than-not threshold would be recorded as a tax
benefit or expense in the current year. In May 2007, the FASB
issued Staff Position
FIN 48-1,
“Definition of Settlement in FASB Interpretation
No. 48” (“FSP
FIN 48-1”),
which provides guidance on how an enterprise should determine
whether a tax position is effectively settled for the purpose of
recognizing previously unrecognized tax benefits. FSP
FIN 48-1
is effective with the initial adoption of FIN 48.
FIN 48 was initially effective for fiscal years beginning
after December 15, 2006 and is applied to all open tax
years as of the effective date. On December 30, 2008, the
FASB issued FSP
FIN 48-3,
“Effective Date of FASB Interpretation No. 48 for
Certain Nonpublic Enterprises,” which provided additional
deferral of FIN 48 for certain non public entities until
annual statements for the fiscal years beginning after
December 15, 2008. The Partnerships have elected to defer
the adoption of FIN 48 pursuant to this FSP. As of
December 31, 2008, the Partnerships are evaluating the
implications of FIN 48 and its impact on the financial
statements has not yet been determined.


 




Income
Taxes



 



Since the Partnerships are not subject to income taxes, there is
no provision for income taxes in the combined financial
statements. The partners include their allocable share of
partnership income and loss in their respective tax returns.


 



In June 2006, the Financial Accounting Standards Board
(“FASB”) released FASB Interpretation No. 48
“Accounting for Uncertainty in Income Taxes”
(“FIN 48”). FIN 48 clarifies the accounting
on how uncertain income tax positions are recognized, measured,
presented and disclosed in the combined financial statements in
accordance with FASB No. 109, “Accounting for Income
Taxes” (“SFAS 109”). FIN 48 requires
the evaluation of tax positions taken or expected to be taken in
the course of preparing the Partnership’s tax returns to
determine whether the tax positions are
“more-likely-than-not” of being sustained by the
applicable tax authority. Tax positions not deemed to meet the
more-likely-than-not threshold would be recorded as a tax
benefit or expense in the current year. In May 2007, the FASB
issued Staff Position
FIN 48-1,
“Definition of Settlement in FASB Interpretation
No. 48” (“FSP
FIN 48-1”),
which provides guidance on how an enterprise should determine
whether a tax position is effectively settled for the purpose of
recognizing previously unrecognized tax benefits. FSP
FIN 48-1
is effective with the initial adoption of FIN 48.
FIN 48 was initially effective for fiscal years beginning
after December 15, 2006 and is applied to all open tax
years as of the effective date. On December 30, 2008, the
FASB issued FSP
FIN 48-3,
“Effective Date of FASB Interpretation No. 48 for
Certain Nonpublic Enterprises,” which provided additional
deferral of FIN 48 for certain non public entities until
annual statements for the fiscal years beginning after
December 15, 2008. The Partnerships have elected to defer
the adoption of FIN 48 pursuant to this FSP. As of
December 31, 2008, the Partnerships are evaluating the
implications of FIN 48 and its impact on the financial
statements has not yet been determined.


 




Income
Taxes



 



Since the Partnerships are not subject to income taxes, there is
no provision for income taxes in the combined financial
statements. The partners include their allocable share of
partnership income and loss in their respective tax returns.


 



In June 2006, the Financial Accounting Standards Board
(“FASB”) released FASB Interpretation No. 48
“Accounting for Uncertainty in Income Taxes”
(“FIN 48”). FIN 48 clarifies the accounting
on how uncertain income tax positions are recognized, measured,
presented and disclosed in the combined financial statements in
accordance with FASB No. 109, “Accounting for Income
Taxes” (“SFAS 109”). FIN 48 requires
the evaluation of tax positions taken or expected to be taken in
the course of preparing the Partnership’s tax returns to
determine whether the tax positions are
“more-likely-than-not” of being sustained by the
applicable tax authority. Tax positions not deemed to meet the
more-likely-than-not threshold would be recorded as a tax
benefit or expense in the current year. In May 2007, the FASB
issued Staff Position
FIN 48-1,
“Definition of Settlement in FASB Interpretation
No. 48” (“FSP
FIN 48-1”),
which provides guidance on how an enterprise should determine
whether a tax position is effectively settled for the purpose of
recognizing previously unrecognized tax benefits. FSP
FIN 48-1
is effective with the initial adoption of FIN 48.
FIN 48 was initially effective for fiscal years beginning
after December 15, 2006 and is applied to all open tax
years as of the effective date. On December 30, 2008, the
FASB issued FSP
FIN 48-3,
“Effective Date of FASB Interpretation No. 48 for
Certain Nonpublic Enterprises,” which provided additional
deferral of FIN 48 for certain non public entities until
annual statements for the fiscal years beginning after
December 15, 2008. The Partnerships have elected to defer
the adoption of FIN 48 pursuant to this FSP. As of
December 31, 2008, the Partnerships are evaluating the
implications of FIN 48 and its impact on the financial
statements has not yet been determined.


 




EXCERPTS ON THIS PAGE:

10-K (12 sections)
Feb 26, 2009
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