No real answer given, except that we (as I'd indacted earlier this week) may safely infer that this is a multi-billion problem, should the newly-minted Puerto Rico Law 154 be enfoced, and remain in its present form, on the island. This is courtesy of SeekingAlpha's Q3 2010 earnings call transcript (way, way better -- more accurate -- than my oft-sporatic live-blogging!), this morning:
. . . .David Risinger of Morgan Stanley: The first is with respect to the tax rate outlook, can you just frame how you're thinking about the longer-term tax rate? And the trigger for my question is the tax rate development in Puerto Rico recently. . . .
Answer: Peter Kellogg, CFO: Sure. . . . On the tax rate, obviously we haven't given long-term guidance on our tax rate and articulated obviously there's a lot of different pushes and pulls both ways as you go forward. So that's something that's part of our long-term guidance on the EPS line, but we haven't really broken that out and some of that is because it's not crystal clear. I think on the recent developments that were just announced this week in Puerto Rico, obviously we've made a couple of public statements through PhRMA and so forth and clearly, it's something we need to get understand better. We are clearly disappointed, but on the other hand, we will work with it. . . .
Thanks David!
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