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These excerpts taken from the PVTB 10-K filed Mar 2, 2009. Uncertainty in
Income Taxes
We adopted the provisions of FIN 48 on January 1,
2007. As of December 31, 2008 and the date of adoption,
there were no unrecognized tax benefits included in the
Consolidated Statements of Financial Condition and accordingly,
no amounts were recognized for potential penalties and interest
related to unrecognized tax benefits.
We file a U.S. federal income tax return and state income
tax returns in various states. We are no longer subject to
examinations by U.S. federal tax authorities for 2006 and
prior years. We are also no longer subject to examinations by
certain state departments of revenue for 2004 and prior years.
While the statute of limitations remains open for 2005, the
Illinois Department of Revenue has completed its review for this
year.
Uncertainty in Income Taxes We adopted the provisions of FIN 48 on January 1, 2007. As of December 31, 2008 and the date of adoption, there were no unrecognized tax benefits included in the Consolidated Statements of Financial Condition and accordingly, no amounts were recognized for potential penalties and interest related to unrecognized tax benefits. We file a U.S. federal income tax return and state income tax returns in various states. We are no longer subject to examinations by U.S. federal tax authorities for 2006 and prior years. We are also no longer subject to examinations by certain state departments of revenue for 2004 and prior years. While the statute of limitations remains open for 2005, the Illinois Department of Revenue has completed its review for this year.
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