Freddie Mac 2004 Annual Report Download - page 220

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transactions as part of the current examination and if so, what the Ñnal resolution of those issues will be. If the
IRS were to propose the maximum potential aggregate assessment and that additional tax liability was upheld
through the administrative and legal process, the recognition of such additional liability could have a material
adverse impact on Freddie Mac's results of operations in the quarter in which it was recognized. Based on
current knowledge and after consultation with counsel, management does not currently believe that the Ñnal
resolution of any issues that may arise from the Linked Swaps transactions will result in IRS adjustments that
would have a material adverse impact on Freddie Mac's consolidated Ñnancial condition.
Freddie Mac
208