It was written here that tax rate was very handy last Q4 2006 in order not to Crash the Google stock, I am glad that nothing wrong with my sensors and I am not alone - smell of cooking oil has reached proper authorities:
"Google fell 1.2% to $442.84, scraping a six-month low for the second time this week. Late Thursday, in a regulatory filing, Google disclosed an ongoing Securities and Exchange Commission review of some or all of its "interim period effective income tax rates."
"Income Taxes
We are currently under audit by the Internal Revenue Service and various other tax authorities. We have reserved for potential adjustments to our provision for income taxes that may result from examinations by, or any negotiated agreements with, these tax authorities, and we believe that the final outcome of these examinations or agreements will not have a material affect on our results of operations. If events occur which indicate payment of these amounts is unnecessary, the reversal of the liabilities would result in the recognition of tax benefits in the period we determine the liabilities are no longer necessary. If our estimates of the federal, state, and foreign income tax liabilities are less than the ultimate assessment, a further charge to expense would result."
We are currently under audit by the Internal Revenue Service and various other tax authorities. We have reserved for potential adjustments to our provision for income taxes that may result from examinations by, or any negotiated agreements with, these tax authorities, and we believe that the final outcome of these examinations or agreements will not have a material affect on our results of operations. If events occur which indicate payment of these amounts is unnecessary, the reversal of the liabilities would result in the recognition of tax benefits in the period we determine the liabilities are no longer necessary. If our estimates of the federal, state, and foreign income tax liabilities are less than the ultimate assessment, a further charge to expense would result."
" Google was first notified of this investigation back on March 16 of 2006, but only disclosed it yesterday: the information was buried on page 89 of their 10K filing with the SEC. Glad to see they're keeping their investors informed in such a timely fashion!"
As usual there is no one cockroach in the house - they like company. Maybe somebody will look again into forgotten issue of Click Fraud?
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