Advice & Wealth Management The following table presents the changes in wrap account assets:
## Table 0 ##
Our wrap accounts had net inflows of $9.3 billion in 2009 compared to $3.7 billion in 2008 and market appreciation of $12.8 billion in 2009 compared to market depreciation of $26.8 billion in 2008.
In 2008, we acquired $2.0 billion in wrap account assets attributable to our acquisition of H&R Block Financial Advisors, Inc.  As of December 31, 2009, we administered $95.1 billion in assets for clients, an increase of $19.6 billion compared to the prior year primarily due to market appreciation.
The following table presents the results of operations of our Advice & Wealth Management segment:
## Table 1 ##
(1) Adjustments include net realized gains or losses and integration charges.
Our Advice & Wealth Management segment pretax loss was $34 million for the year ended December 31, 2009 compared to $149 million in the prior year.
Our Advice & Wealth Management segment pretax operating income, which excludes net realized gains or losses and integration charges, was $45 million for the year ended December 31, 2009 compared to $196 million in the prior year.
Net revenues Net revenues were $3.2 billion for the year ended December 31, 2009 compared to $3.1 billion in the prior year, an increase of $106 million, or 3%.
Operating net revenues, which exclude net realized gains or losses, decreased $212 million, or 6%, to $3.2 billion for the year ended December 31, 2009, driven by decreases in management and financial advice fees and distribution fees, partially offset by an increase in net investment income as well as revenues resulting from our 2008 acquisitions and a decrease in banking and deposit interest expense.
Management and financial advice fees decreased $105 million, or 8%, to $1.2 billion for the year ended December 31, 2009, driven by a 22% decline in the daily average S&P 500 Index on a period-over-period basis, partially offset by net inflows.
Wrap account assets increased $22.1 billion, or 30%, compared to the prior year due to net inflows and market appreciation.
Financial planning fees were lower for the year ended December 31, 2009 compared to the prior year resulting from accelerated financial plan delivery standards in 2008.
Distribution fees decreased $179 million, or 9%, to $1.7 billion for the year ended December 31, 2009, primarily due to lower client activity levels and lower asset-based fees driven by lower equity markets, partially offset by revenues resulting from our 2008 acquisitions.
19.
Income Taxes (continued) capital loss carryforwards of $69 million and $90 million, which were acquired in the BGI Transaction and will expire on or before 2013.
At December 31, 2012 and 2011, the Company had $95 million and $95 million of valuation allowances for deferred income tax assets, respectively, recorded on the consolidated statements of financial condition.
The yearover-year increase in the valuation allowance primarily related to certain foreign deferred income tax assets.
Goodwill recorded in connection with the Quellos Transaction has been reduced during the period by the amount of tax benefit realized from tax-deductible goodwill.
See Note 9, Goodwill, for further discussion.
Current income taxes are recorded net in the consolidated statements of financial condition when related to the same tax jurisdiction.
As of December 31, 2012, the Company had current income taxes receivable and payable of $102 million and $121 million, respectively, recorded in other assets and accounts payable and accrued liabilities, respectively.
As of December 31, 2011, the Company had current income taxes receivable and payable of $108 million and $102 million, respectively, recorded in other assets and accounts payable and accrued liabilities, respectively.
The Company does not provide deferred taxes on the excess of the financial reporting over tax basis on its investments in foreign subsidiaries that are essentially permanent in duration.
The excess totaled $2,125 million and $1,516 million as of December 31, 2012 and 2011, respectively.
The determination of the additional deferred income taxes on the excess has not been provided because it is not practicable due to the complexities associated with its hypothetical calculation.
The following tabular reconciliation presents the total amounts of gross unrecognized tax benefits:
## Table 2 ##
Included in the balance of unrecognized tax benefits at December 31, 2012, 2011 and 2010, respectively, are $250 million, $226 million and $194 million of tax benefits that, if recognized, would affect the effective tax rate.
The Company recognizes interest and penalties related to income tax matters as a component of income tax expense.
Related to the unrecognized tax benefits noted above, the Company accrued interest and penalties of $3 million during 2012 and in total, as of December 31, 2012, had recognized a liability for interest and penalties of $69 million.
The Company accrued interest and penalties of $10 million during 2011 and in total, as of December 31, 2011, had recognized a liability for interest and penalties of $66 million.
The Company accrued interest and penalties of $8 million during 2010 and in total, as of December 31, 2010, had recognized a liability for interest and penalties of $56 million.
Pursuant to the Amended and Restated Stock Purchase Agreement, the Company has been indemnified by Barclays for $73 million and Guggenheim for $6 million of unrecognized tax benefits.
BlackRock is subject to U. S.  federal income tax, state and local income tax, and foreign income tax in multiple jurisdictions.
Tax years after 2007 remain open to U. S.  federal income tax examination, tax years after 2005 remain open to state and local income tax examination, and tax years after 2006 remain open to income tax examination in the United Kingdom.
With few exceptions, as of December 31, 2012, the Company is no longer subject to U. S.  federal, state, local or foreign examinations by tax authorities for years before 2006.
The Internal Revenue Service (“IRS”) completed its examination of BlackRock’s 2006 and 2007 tax years in March 2011.
In November 2011, the IRS commenced its examination of BlackRock’s 2008 and 2009 tax years, and while the impact on the consolidated financial statements is undetermined, it is not expected to be material.
In July 2011, the IRS commenced its federal income tax audit of the BGI group, which BlackRock acquired in December 2009.
The tax years under examination are 2007 through December 1, 2009, and while the impact on the consolidated financial statements is undetermined, it is not expected to be material.
The Company is currently under audit in several state and local jurisdictions.
The significant state and local income tax examinations are in California for tax years 2004 through 2006, New York City for tax years 2007 through 2008, and New Jersey for tax years 2003 through 2009.
No state and local income tax audits cover years earlier than 2007 except for California, New Jersey and New York City.
No state and local income tax audits are expected to result in an assessment material to the consolidated financial statements.
(15) Unaudited Quarterly Information Summarized quarterly financial data is as follows:
## Table 3 ##
Year Ended December 31, 2010

<table><tr><td></td><td>2009</td><td>2008</td></tr><tr><td></td><td colspan="2">(in billions)</td></tr><tr><td>Balance at January 1</td><td>$72.8</td><td>$93.9</td></tr><tr><td>Net flows</td><td>9.3</td><td>3.7</td></tr><tr><td>Market appreciation/(depreciation)</td><td>12.8</td><td>-26.8</td></tr><tr><td>Other</td><td>—</td><td>2.0</td></tr><tr><td>Balance at December 31</td><td>$94.9</td><td>$72.8</td></tr></table>
<table><tr><td> </td><td colspan="6">Years Ended December 31,</td><td></td><td></td></tr><tr><td> </td><td colspan="3">2009 </td><td colspan="3">2008 </td><td></td><td></td></tr><tr><td> </td><td>GAAP</td><td>Less: Adjustments -1</td><td>Operating </td><td>GAAP</td><td>Less: Adjustments -1</td><td>Operating </td><td colspan="2">Operating Change</td></tr><tr><td> </td><td colspan="8">(in millions, except percentages)</td></tr><tr><td> Revenues</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Management and financial advice fees</td><td>$1,234</td><td>$—</td><td>$1,234</td><td>$1,339</td><td>$—</td><td>$1,339</td><td>$-105</td><td>-8%</td></tr><tr><td>Distribution fees</td><td>1,733</td><td>—</td><td>1,733</td><td>1,912</td><td>—</td><td>1,912</td><td>-179</td><td>-9</td></tr><tr><td>Net investment income (loss)</td><td>297</td><td>-15</td><td>312</td><td>-43</td><td>-333</td><td>290</td><td>22</td><td>8</td></tr><tr><td>Other revenues</td><td>85</td><td>—</td><td>85</td><td>80</td><td>—</td><td>80</td><td>5</td><td>6</td></tr><tr><td>Total revenues</td><td>3,349</td><td>-15</td><td>3,364</td><td>3,288</td><td>-333</td><td>3,621</td><td>-257</td><td>-7</td></tr><tr><td>Banking and deposit interest expense</td><td>133</td><td>—</td><td>133</td><td>178</td><td>—</td><td>178</td><td>-45</td><td>-25</td></tr><tr><td>Total net revenues</td><td>3,216</td><td>-15</td><td>3,231</td><td>3,110</td><td>-333</td><td>3,443</td><td>-212</td><td>-6</td></tr><tr><td> Expenses</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Distribution expenses</td><td>1,968</td><td>—</td><td>1,968</td><td>2,121</td><td>—</td><td>2,121</td><td>-153</td><td>-7</td></tr><tr><td>General and administrative expense</td><td>1,282</td><td>64</td><td>1,218</td><td>1,138</td><td>12</td><td>1,126</td><td>92</td><td>8</td></tr><tr><td>Total expenses</td><td>3,250</td><td>64</td><td>3,186</td><td>3,259</td><td>12</td><td>3,247</td><td>-61</td><td>-2</td></tr><tr><td>Pretax income (loss)</td><td>$-34</td><td>$-79</td><td>$45</td><td>$-149</td><td>$-345</td><td>$196</td><td>$-151</td><td>-77%</td></tr></table>
<table><tr><td></td><td>Year ended December 31,</td></tr><tr><td><i>(Dollar amounts in millions)</i></td><td>2012</td><td>2011</td><td>2010</td></tr><tr><td>Balance at January 1</td><td>$349</td><td>$307</td><td>$285</td></tr><tr><td>Additions for tax positions of prior years</td><td>4</td><td>22</td><td>10</td></tr><tr><td>Reductions for tax positions of prior years</td><td>-1</td><td>-1</td><td>-17</td></tr><tr><td>Additions based on tax positions related to current year</td><td>69</td><td>46</td><td>35</td></tr><tr><td>Lapse of statute of limitations</td><td>—</td><td>—</td><td>-8</td></tr><tr><td>Settlements</td><td>-29</td><td>-25</td><td>-2</td></tr><tr><td>Positions assumed in acquisitions</td><td>12</td><td>—</td><td>4</td></tr><tr><td>Balance at December 31</td><td>$404</td><td>$349</td><td>$307</td></tr></table>
<table><tr><td></td><td colspan="4">Year Ended December 31, 2009</td></tr><tr><td></td><td>FirstQuarter</td><td>SecondQuarter</td><td>ThirdQuarter</td><td>FourthQuarter</td></tr><tr><td></td><td colspan="4">(in millions, except per share amounts)</td></tr><tr><td>Revenues</td><td>$2,766</td><td>$1,640</td><td>$1,576</td><td>$2,299</td></tr><tr><td>Operating income</td><td>285</td><td>253</td><td>287</td><td>299</td></tr><tr><td>Net income</td><td>67</td><td>86</td><td>114</td><td>105</td></tr><tr><td>Basic earnings per share-1</td><td>$0.19</td><td>$0.24</td><td>$0.31</td><td>$0.27</td></tr><tr><td>Diluted earnings per share-1</td><td>$0.19</td><td>$0.24</td><td>$0.31</td><td>$0.27</td></tr></table>

Question: How many expenses in GAAP are greater than 1200 in 2009?