Starwood 2008 Annual Report Download - page 147
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unrecognized tax benefits within 12 months of December 31, 2008. A reconciliation of the beginning and ending
balance of unrecognized tax benefits is as follows (in millions):
Balance at January 1, 2007................................................. $ 964
Additions based on tax positions related to the current year ....................... 6
Additions for tax positions of prior years .................................... 1
Settlements with tax authorities . . ......................................... (2)
Reductions for tax positions of prior years ................................... —
Reductions due to the lapse of applicable statutes of limitation .................... (1)
Balance at December 31, 2007 .............................................. $ 968
Balance at January 1, 2008................................................. $ 968
Additions based on tax positions related to the current year ....................... 41
Additions for tax positions of prior years .................................... 2
Settlements with tax authorities . . ......................................... (3)
Reductions for tax positions of prior years ................................... (4)
Reductions due to the lapse of applicable statutes of limitation .................... (1)
Balance at December 31, 2008 .............................................. $1,003
The Company recognizes interest and penalties related to unrecognized tax benefits through income tax
expense. The Company had $76 million and $29 million accrued for the payment of interest and no accrued
penalties as of December 31, 2008 and December 31, 2007, respectively.
The Company is subject to taxation in the U.S. federal jurisdiction, as well as various state and foreign
jurisdictions. As of December 31, 2008, the Company is no longer subject to examination by U.S. federal taxing
authorities for years prior to 2004 and to examination by any U.S. state taxing authority prior to 1998. All
subsequent periods remain eligible for examination. In the significant foreign jurisdictions in which the Company
operates, the Company is no longer subject to examination by the relevant taxing authorities for any years prior to
2001.
F-31
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
NOTES TO FINANCIAL STATEMENTS — (Continued)