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VLGEA > SEC Filings for VLGEA > Form 8-K on 29-Oct-2013All Recent SEC Filings

Show all filings for VILLAGE SUPER MARKET INC



Other Events

Item 8.01 Other Events

In prior years, Village Super Market, Inc. (the "Company") received two separate tax assessments from the New Jersey Division of Taxation related to nexus and the deductibility of certain payments between subsidiaries. Both of these assessments were contested through the state's conference and appeals process and subsequently denied. The Company then filed two complaints in Tax Court against the New Jersey Division of Taxation contesting these assessments and a trial limited to the nexus dispute was conducted in June 2013. On October 23, 2013, the Tax Court ruled in favor of the New Jersey Division of Taxation. The Company has the ability to appeal the ruling and is currently evaluating the matter to determine our prospective course of action.

We are in the process of quantifying the impact of this ruling and will record a charge to income tax expense in our fiscal quarter ended October 26, 2013 to increase accrued tax liabilities, including related interest and penalties, to ensure that we are adequately reserved under the applicable accounting standards. We estimate this charge to be in the range of $9.0 million to $11.0 million, net of federal benefit, in addition to the $14.9 million already recorded. No payments with respect to these matters will be required until the dispute is definitively resolved.

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