Best Buy 2011 Annual Report Download - page 61
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Effect if Actual Results Differ From
Description Judgments and Uncertainties Assumptions
Tax Contingencies
Our income tax returns, like those of most Our liability for unrecognized tax benefits Although we believe that the judgments
companies, are periodically audited by contains uncertainties because and estimates discussed herein are
domestic and foreign tax authorities. These management is required to make reasonable, actual results could differ, and
audits include questions regarding our tax assumptions and to apply judgment to we may be exposed to losses or gains that
filing positions, including the timing and estimate the exposures associated with our could be material.
amount of deductions and the allocation of various filing positions. To the extent we prevail in matters for
income among various tax jurisdictions. At Our effective income tax rate is also which a liability has been established, or
any one time, multiple tax years are subject affected by changes in tax law, the tax are required to pay amounts in excess of
to audit by the various tax authorities. In jurisdiction of new stores or business our established liability, our effective
evaluating the exposures associated with ventures, the level of earnings and the income tax rate in a given financial
our various tax filing positions, we record a results of tax audits. statement period could be materially
liability for such exposures. A number of affected. An unfavorable tax settlement
years may elapse before a particular generally would require use of our cash
matter, for which we have established a and may result in an increase in our
liability, is audited and fully resolved or effective income tax rate in the period of
clarified. We adjust our liability for resolution. A favorable tax settlement would
unrecognized tax benefits and income tax be recognized as a reduction in our
provision in the period in which an effective income tax rate in the period of
uncertain tax position is effectively settled, resolution.
the statute of limitations expires for the
relevant taxing authority to examine the tax
position or when more information
becomes available.
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