His first band was UTP, three letters he has tattooed on his stomach.

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Much has been written about Schedule UTP, and there are still some uncertainties about the scope of the required disclosures.

FORBES: Will The 2010 Schedule UTP Provide The IRS 20/20 Hindsight For Prior Tax Years Currently Under Audit?

Common sense and experience strongly suggest that the temptation to leverage the 2010 Schedule UTP will be too great to resist.

FORBES: Will The 2010 Schedule UTP Provide The IRS 20/20 Hindsight For Prior Tax Years Currently Under Audit?

An example is provided in the instructions to Schedule UTP, Example 8.

FORBES: Will The 2010 Schedule UTP Provide The IRS 20/20 Hindsight For Prior Tax Years Currently Under Audit?

Schedule UTP does have a grandfather rule so that corporations are not required to disclose uncertain tax positions for which a reserve was taken in a tax year beginning prior to 2010.

FORBES: Will The 2010 Schedule UTP Provide The IRS 20/20 Hindsight For Prior Tax Years Currently Under Audit?

The NYSE has released a list of official closing prices for the affected securities, and noted that 107 symbols that had been previously migrated to UTP will be moved to their Super Display Book (sDBK) platform temporarily.

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The instructions provide that the corporation has taken an uncertain tax position with respect to the amortization deduction in 2010 for which a tax reserve was established (in 2009), and consequently the corporation is required to disclose the position on the 2010 Schedule UTP.

FORBES: Will The 2010 Schedule UTP Provide The IRS 20/20 Hindsight For Prior Tax Years Currently Under Audit?