and third, we welcome michelle handland, massachusetts technology sloan school of management and she focuses on the intersection of taxation and financial accounting. fourth, tomorrow newbig, the national director of quantitative commission and statistics of earnst and young and the chief economists for the treasury offers of tax analysis. he leads a group of 24 quantitative analysts who assist clients with tax and economic policy issues. and finally, mr. timothy heenan, at prax air, the largest provider of gases in north and south america. he joined in 2004 from earnst and young specializing in the development and implementation of international tax strategies. thank you all very much for your time and the committee has received each of your written statements and they'll be made part of the formal hearing record. each of you will be recognized for five minutes for your oral remarks, followed by questions. so mr. fritt, we'll begin with you. you're recognized for five minutes. >> good morning. chairman camp, ranking member levin and members of the committee, i very much appreciate t