Saks Fifth Avenue 2009 Annual Report Download - page 142
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Saks Incorporated Employee Stock Purchase Plan
Notes to Financial Statements
For the Years Ended December 31, 2009, 2008, and 2007
2. Plan Termination
The HRCC has the right under the Plan document to alter, suspend, amend or terminate the Plan.
On December 3, 2008, the HRCC suspended the Plan for the 2009 calendar year.
On December 8, 2009, the HRCC suspended the Plan indefinitely.
3. Income Tax Status
The Plan is designed to meet the requirements of the applicable sections of the IRC and therefore, to be exempt from federal income taxes under
Section 501(a) of the IRC. Therefore, no provision for income taxes has been included in the Plan’s financial statements.
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Source: SAKS INC, 10-K, March 18, 2010 Powered by Morningstar® Document Research℠