In accordance with the provisions of ASC 740, Income Taxes, we have an income tax liability of $567,000 and $3,041,000 as of December 31, 2011 and 2010, respectively, which is included as a component of “other liabilities,” on our consolidated balance sheets. If this liability were reversed, it would result in non-cash income and reduce our effective tax rate. Interest expense related to this liability is included as a component of “interest and debt expense” on our consolidated statements of income and aggregated $136,000, $376,000 and $1,807,000 in the years ended December 31, 2011, 2010 and 2009, respectively.

(Amounts in thousands)	Amount
Balance at January 1, 2010	$	7,450

Additions based on tax positions related to the current year		328
Additions for tax positions of prior years		376
Reduction for tax positions of prior years		(5,113)
Settlements & other, net		-
Balance at December 31, 2010		3,041

Additions based on tax positions related to the current year		-
Additions for tax positions of prior years		136
Reduction for tax positions of prior years		(2,561)
Settlements & other, net		(49)
Balance at December 31, 2011	$	567

In 2011 and 2010, we reversed $2,561,000 and $5,113,000, respectively, of liabilities related to income taxes as a result of the expiration of the applicable statute of limitations. Accordingly, we recognized income in 2011 and 2010, of which $0 and $3,162,000, respectively, were included as a component of “income tax benefit” (portion previously recognized as income tax expense) and $2,561,000 and $1,951,000, respectively, were included as a reduction of “interest and debt expense” (portion previously recognized as interest expense) on our consolidated statements of income.

As of December 31, 2011, Taxable REIT Subsidiary (“TRS”) tax returns for the years 2005 through 2010 and REIT tax returns for the years 2008 through 2010 remain open to examination by the major taxing jurisdictions to which we are subject.