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INCOME TAXES
3 Months Ended
Jan. 24, 2016
INCOME TAXES  
INCOME TAXES

NOTE JINCOME TAXES

 

The amount of unrecognized tax benefits, including interest and penalties, at January 24, 2016, recorded in other long-term liabilities was $25.6 million, of which $16.6 million would impact the Company’s effective tax rate if recognized.  The Company includes accrued interest and penalties related to uncertain tax positions in income tax expense, with $0.3 million net interest or penalties included in expense in the first quarter of fiscal 2016.  The amount of accrued interest and penalties at January 24, 2016, associated with unrecognized tax benefits was $3.5 million.

 

The Company is regularly audited by federal and state taxing authorities.  The United States Internal Revenue Service (I.R.S.) is currently examining fiscal years 2013 and 2014.  The Company entered into a voluntary program with the I.R.S. called Compliance Assurance Process (CAP) for fiscal years 2015 and 2016.  The objective of CAP is to contemporaneously work with the I.R.S. to achieve federal tax compliance and resolve all or most of the issues prior to filing of the tax return.  The Company may elect to continue participating in CAP for future tax years; the Company may withdraw from the program at any time.

 

The Company is in various stages of audit by several state taxing authorities on a variety of fiscal years, as far back as 2010.  While it is reasonably possible that one or more of these audits may be completed within the next 12 months and that the related unrecognized tax benefits may change, based on the status of the examinations it is not possible to reasonably estimate the effect of any amount of such change to previously recorded uncertain tax positions.