TJ Maxx 2009 Annual Report Download - page 32

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Tax matters could adversely affect our results of operations and financial condition.
We are subject to income taxes in both the United States and numerous foreign jurisdictions. Our provision for
income taxes and cash tax liability in the future could be adversely affected by numerous factors including, but not
limited to, income before taxes being lower than anticipated in countries with lower statutory tax rates and higher than
anticipated in countries with higher statutory tax rates, changes in the valuation of deferred tax assets and liabilities,
changes in U.S. tax legislation and regulation, foreign tax laws, regulations and treaties, exposure to additional tax
liabilities, changes in accounting principles and interpretations relating to tax matters, which could adversely impact our
results of operations and financial condition in future periods. In addition, we are subject to the continuous examination
of our income tax returns by federal, state and local tax authorities in the U.S. and foreign countries, such authorities may
challenge positions we take, and we are engaged in various proceedings with such authorities with respect to assessments,
claims, deficiencies and refunds, and the results of these examinations, judicial proceedings or as a result of the expiration
of statute of limitations in specific jurisdictions. We regularly assess the likelihood of adverse outcomes resulting from
these examinations to determine the adequacy of our provision for income taxes. However, it is possible that the actual
results of proceedings with tax authorities and in courts, changes in facts, expiration of statutes of limitations or other
resolutions of tax positions will differ from the amounts we have accrued in either a positive or a negative manner, which
could materially affect our effective income tax rate in a given financial period, the amount of taxes we are required to pay
and our results of operations.
ITEM 1B. UNRESOLVED STAFF COMMENTS
None.
16