Xilinx (XLNX) Says Joint Committee Took No Exception; Will Record Q2 Tax Benefit

Xilinx (Nasdaq: XLNX) disclosed the following on Wednesday morning:

Item 8.01 - Other Events.

Xilinx, Inc. disclosed in its quarterly report on Form 10-Q filed on July 28, 2016, that it had been subject to examination by the Internal Revenue Service for fiscal years 2012 through 2014 and that the case had been moved forward to the congressional Joint Committee on Taxation (“Joint Committee”) for review.

On July 29, 2016, Xilinx received written notification that the Joint Committee had completed its review and had taken no exception to the conclusions reached by the Internal Revenue Service. As a result, Xilinx will record a tax benefit of approximately $9 million, associated with unrecognized tax benefits in the second quarter of fiscal 2017.

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