1.0.0.3 false INCOME TAXES false 1 $ false false USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 USDPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Notes to Consolidated Financial Statements 0 ggp_NotesToConsolidatedFinancialStatementsAbstract ggp false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 INCOME TAXES 1 us-gaap_IncomeTaxDisclosureTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 <!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> <HTML><HEAD> <STYLE type=text/css> .Mrll { FONT: 8pt Times New Roman, Times, Serif } </STYLE> <META http-equiv=Content-Type content="text/html; charset=utf-8"> <META content="MSHTML 6.00.6000.16788" name=GENERATOR></HEAD> <BODY> NOTE 5                 INCOME TAXES<A name=Note5IncomeTaxes_145038></A>   We elected to be taxed as a REIT under sections 856-860 of the Internal Revenue Code, commencing with our taxable year beginning January 1, 1993. To qualify as a REIT, we must meet a number of organizational and operational requirements, including requirements to distribute at least 90% of our ordinary taxable income and to distribute to stockholders or pay tax on 100% of our capital gains and to meet certain asset and income tests. We currently intend to maintain our REIT status, including making the necessary distributions of taxable income and capital gain. If we meet our 2009 income distribution requirements by the end of 2009, including a distribution pursuant to Section 857(b) (9) (declared in October, November or December and paid in January 2010), we will incur no tax liability (assuming 100% of ordinary taxable income is distributed). If due to the constraints of the Chapter 11 Cases we are unable to make the required distributions by year end 2009 (including a January 2010 distribution), we may still satisfy our REIT taxable income distribution requirement by distributing our 2009 taxable income through a distribution declared prior to September 15, 2010 with a payment before December 31, 2010, although this would subject us to a 4% nondeductible federal excise tax under IRC Section 4981.  We estimate that an annual excise tax of approximately $6.6 million could be owed if distributions are not made within the requisite time period.   We also have subsidiaries which we have elected to be treated as taxable real estate investment trust subsidiaries and which are therefore subject to federal and state income taxes.   Unrecognized tax benefits recorded pursuant to FIN 48 were $108.3 million and $112.9 million as of June 30, 2009 and December 31, 2008, respectively, excluding interest, of which $36.7 million as of June 30, 2009 and December 31, 2008, would impact our effective tax rate. Accrued interest related to these unrecognized tax benefits amounted to $24.7 million as of June 30, 2009 and $21.7 million as of December 31, 2008. We recognized interest expense related to the unrecognized tax benefits of $1.6 million for the three months ended June 30, 2009, $3.0 for the six months ended June 30, 2009; $2.3 million for the three months ended June 30, 2008 and $4.8 million for the six months ended June 30, 2008.   During the six months ended June 30, 2009, we recognized previously unrecognized tax benefits related to tax positions taken in prior years, excluding accrued interest, of $4.6 million; all of which decreased our deferred tax liability.   Generally, we are currently open to audit under the statute of limitations by the Internal Revenue Service for the years ending December 31, 2005 through 2008 and are open to audit by state taxing authorities for years ending December 31, 2004 through 2008. In February 2009, we were notified that the IRS has commenced examination of the year ended December 31, 2007 for examination with respect to two of our taxable REIT subsidiaries.  We are unable to determine when the examinations will be resolved.   Based on our assessment of the expected outcome of these remaining examinations or examinations that may commence, or as a result of the expiration of the statute of limitations for specific jurisdictions, it is reasonably possible that the related unrecognized tax benefits, excluding accrued interest, for tax positions taken regarding previously filed tax returns will materially change from those recorded at June 30, 2009. A material change in unrecognized tax benefits could have a material effect on our statements of income and comprehensive income. As of June 30, 2009, there are $64.1 million of unrecognized tax benefits, excluding accrued interest, which due to the reasons above, could significantly increase or decrease during the next twelve months.   There are certain tax attributes, such as net operating loss carry forwards, that may be limited in the event of an ownership change as defined under section 382 of the Internal Revenue Code.  If an ownership change were to occur, there could be significant valuation allowances placed on deferred tax assets that do not have valuation allowances as of June 30, 2009.</BODY></HTML> NOTE 5                 INCOME TAXES   We elected to be taxed as a REIT false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true