<SEC-DOCUMENT>0001051512-16-000104.txt : 20160829
<SEC-HEADER>0001051512-16-000104.hdr.sgml : 20160829
<ACCEPTANCE-DATETIME>20160707143206
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001051512-16-000104
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20160707

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TELEPHONE & DATA SYSTEMS INC /DE/
		CENTRAL INDEX KEY:			0001051512
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
		IRS NUMBER:				362669023
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		30 NORTH LASALLE STREET
		STREET 2:		STE 4000
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60602
		BUSINESS PHONE:		3126301900

	MAIL ADDRESS:	
		STREET 1:		30 NORTH LASALLE STREET
		STREET 2:		STE 4000
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60602
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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            <p style="margin:0pt; text-align:center"><a name="_DMBM_10598"></a><a name="_CSF_TOC_1"></a><a name="EDGAR_PAGE_START1"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Telephone and Data Systems, Inc.</font></p>
            <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">30 North LaSalle Street</font></p>
            <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Chicago, IL 60602</font></p>
            <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold"> (312) 630-1900</font></p>
            <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Fax: (312) 630-9299</font></p>
            <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">VIA EDGAR</font></p>
            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">July 7, 2016</font></p>
            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Mr. Carlos Pacho</font></p>
            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Senior Assistant Chief Accountant</font></p>
            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Securities and Exchange Commission</font></p>
            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">100 F. Street, N.E.</font></p>
            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Mail Stop </font><font style="font-family:Helvetica; font-size:9pt">3720</font></p>
            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Washington, D.C. 20549</font></p>
            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Re:&#160;&#160;&#160;&#160;&#160;&#160;&#160; Telephone and Data Systems, Inc.</font></p>
            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Form 10-K for Fiscal Year Ended December 31, 2015</font></p>
            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Filed February 24, 2016</font></p>
            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; File No. 001-14157</font></p>
            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Dear Mr. Pacho,</font></p>
            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">This letter responds to your l</font><font style="font-family:Helvetica; font-size:9pt">etter dated June 23, 2016, to LeRoy T. Carlson, Jr., President and Chief Executive Officer of Telephone and Data Systems, Inc., regarding the Securities and Exchange Commission (&#8220;SEC&#8221; or &#8220;Commission&#8221;) Staff&#8217;s comment on the above referenced filing.&#160; The St</font><font style="font-family:Helvetica; font-size:9pt">aff&#8217;s comment is repeated below.&#160; References to page numbers below are those in the applicable documents as filed.&#160; </font></p>
            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; text-decoration:underline">Form 10-K</font></p>
            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; text-decoration:underline">Exhibit 13</font></p>
            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; text-decoration:underline">Consolidated Financial Statements</font></p>
            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; text-decoration:underline">Notes to Consolidated Financial Statements</font></p>
            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; text-decoration:underline">Note 14 Variable Interest Entities, page</font><font style="font-family:Helvetica; font-size:9pt; text-decoration:underline"> 82</font></p>
            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Comment 1:</font></p>
            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:normal">Please tell us how you concluded you are the primary beneficiary of the Advantage Spectrum and Frequency Advantage L.P., Aquinas Wireless L.P., and King Street Wireless L.P. variable interest entities (&#8220;VIEs&#8221;) considering your disclosure t</font><font style="font-family:Helvetica; font-size:9pt; font-weight:normal">hat the power to direct the activities of the VIEs is shared.&#160; In addition, tell us why the general partners of the limited partnerships do not have standalone power given that they only need your consent over certain activities.&#160; Please refer to FASB ASC </font><font style="font-family:Helvetica; font-size:9pt; font-weight:normal">810-10-25-38D.&#160; </font></p>
            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Response 1:</font></p>
            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">U.S. Cellular Corporation (&#8220;U.S. Cellular&#8221;) is an 84% owned consolidated subsidiary of Telephone and Data Systems, Inc. (&#8220;TDS&#8221;).&#160; The VIEs subject to this comment are included in the consolidated financial statements of both </font><font style="font-family:Helvetica; font-size:9pt">U.S. Cellular and TDS.&#160; This response references consolidation at the U.S. Cellular level, which represents the first level of consolidation.&#160; U.S. Cellular is then consolidated into TDS.&#160; Therefore, the responses below are applicable to both U.S. Cellular</font><font style="font-family:Helvetica; font-size:9pt"> and TDS from a consolidation perspective.</font></p>
            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">The ownership structure of the VIEs is as follows:</font></p>
            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
            <table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:0pt; width:99%">
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                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-left-color:#000000; border-left-style:solid; border-left-width:0.75pt; border-right-color:#000000; border-right-style:solid; border-right-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:5.03pt; padding-right:5.03pt; vertical-align:bottom; width:148.8pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Variable Interest Entities (VIEs)</font></p>
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                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-left-color:#000000; border-left-style:solid; border-left-width:0.75pt; border-right-color:#000000; border-right-style:solid; border-right-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:5.03pt; padding-right:5.03pt; vertical-align:bottom; width:148.8pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Ownership by USCC Wireless Investment, Inc. (100% owned subsidiary of U.S. Cellular)</font></p>
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                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-left-color:#000000; border-left-style:solid; border-left-width:0.75pt; border-right-color:#000000; border-right-style:solid; border-right-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:5.03pt; padding-right:5.03pt; vertical-align:bottom; width:148.8pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Ownership by entities not owned by U.S.</font><font style="font-family:Helvetica; font-size:9pt; font-weight:bold"> Cellular (&#8220;Partners&#8221;)</font></p>
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                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Advantage Spectrum L.P.</font></p>
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                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-left-color:#000000; border-left-style:solid; border-left-width:0.75pt; border-right-color:#000000; border-right-style:solid; border-right-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:5.03pt; padding-right:5.03pt; vertical-align:top; width:148.8pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">USCC Wireless Investment, Inc. (Limited Partner, 90% owner)</font></p>
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                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-left-color:#000000; border-left-style:solid; border-left-width:0.75pt; border-right-color:#000000; border-right-style:solid; border-right-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:5.03pt; padding-right:5.03pt; vertical-align:top; width:148.8pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Frequency Advantage L.P. (General Partner, 10% owner)</font></p>
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                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-left-color:#000000; border-left-style:solid; border-left-width:0.75pt; border-right-color:#000000; border-right-style:solid; border-right-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:5.03pt; padding-right:5.03pt; vertical-align:top; width:148.8pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Frequency Advantage L.P.</font></p>
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                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-left-color:#000000; border-left-style:solid; border-left-width:0.75pt; border-right-color:#000000; border-right-style:solid; border-right-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:5.03pt; padding-right:5.03pt; vertical-align:top; width:148.8pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">N/A</font></p>
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                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Sunshine Spectrum L.P. (General Partner, 51% owner), Nonesuch, Inc. (Limited Partner, 49% owner) </font></p>
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                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-left-color:#000000; border-left-style:solid; border-left-width:0.75pt; border-right-color:#000000; border-right-style:solid; border-right-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:5.03pt; padding-right:5.03pt; vertical-align:top; width:148.8pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Aquinas Wireless L.P.</font></p>
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                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-left-color:#000000; border-left-style:solid; border-left-width:0.75pt; border-right-color:#000000; border-right-style:solid; border-right-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:5.03pt; padding-right:5.03pt; vertical-align:top; width:148.8pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">USCC Wireless Investment, Inc. (Limited Partner, 90% owner)</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-left-color:#000000; border-left-style:solid; border-left-width:0.75pt; border-right-color:#000000; border-right-style:solid; border-right-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:5.03pt; padding-right:5.03pt; vertical-align:top; width:148.8pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Aquinas Wireless, Inc. (General Partner, 10% owner)</font></p>
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                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-left-color:#000000; border-left-style:solid; border-left-width:0.75pt; border-right-color:#000000; border-right-style:solid; border-right-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:5.03pt; padding-right:5.03pt; vertical-align:top; width:148.8pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">King Street Wireless L</font><font style="font-family:Helvetica; font-size:9pt">.P.</font></p>
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                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-left-color:#000000; border-left-style:solid; border-left-width:0.75pt; border-right-color:#000000; border-right-style:solid; border-right-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:5.03pt; padding-right:5.03pt; vertical-align:top; width:148.8pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">USCC Wireless Investment, Inc. (Limited Partner, 90% owner)</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-left-color:#000000; border-left-style:solid; border-left-width:0.75pt; border-right-color:#000000; border-right-style:solid; border-right-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:5.03pt; padding-right:5.03pt; vertical-align:top; width:148.8pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">King Street Wireless, Inc. (General Partner, 10% owner)</font></p>
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                <p style="margin:0pt; text-align:center"><a name="EDGAR_HF_F_START_1"></a><font style="font-family:Helvetica; font-size:9pt">1</font></p>
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            <p style="margin:0pt"><a name="EDGAR_PAGE_START2"></a><font style="font-family:Helvetica; font-size:9pt">These </font><font style="font-family:Helvetica; font-size:9pt">VIEs were capitalized as follows:</font></p>
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                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Variable Interest Entities (VIEs)</font></p>
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                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-left-color:#000000; border-left-style:solid; border-left-width:0.75pt; border-right-color:#000000; border-right-style:solid; border-right-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:5.03pt; padding-right:5.03pt; vertical-align:bottom; width:148.8pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Percentage of capital provided by U.S. Cellular and subsidiarie</font><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">s</font><font style="font-family:Helvetica; font-size:6pt; font-weight:bold; vertical-align:super">1</font></p>
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                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-left-color:#000000; border-left-style:solid; border-left-width:0.75pt; border-right-color:#000000; border-right-style:solid; border-right-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:5.03pt; padding-right:5.03pt; vertical-align:bottom; width:148.8pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Percentage of capital provided by parties not owned by U.S. Cellular</font></p>
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                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-left-color:#000000; border-left-style:solid; border-left-width:0.75pt; border-right-color:#000000; border-right-style:solid; border-right-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:5.03pt; padding-right:5.03pt; vertical-align:top; width:148.8pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Advantage Spectrum L.P.</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-left-color:#000000; border-left-style:solid; border-left-width:0.75pt; border-right-color:#000000; border-right-style:solid; border-right-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:5.03pt; padding-right:5.03pt; vertical-align:top; width:148.8pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">99.97%</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-left-color:#000000; border-left-style:solid; border-left-width:0.75pt; border-right-color:#000000; border-right-style:solid; border-right-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:5.03pt; padding-right:5.03pt; vertical-align:top; width:148.8pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">.03%</font></p>
                    </td>
                </tr>
                <tr>
                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-left-color:#000000; border-left-style:solid; border-left-width:0.75pt; border-right-color:#000000; border-right-style:solid; border-right-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:5.03pt; padding-right:5.03pt; vertical-align:top; width:148.8pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Frequency </font><font style="font-family:Helvetica; font-size:9pt">Advantage L.P.</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-left-color:#000000; border-left-style:solid; border-left-width:0.75pt; border-right-color:#000000; border-right-style:solid; border-right-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:5.03pt; padding-right:5.03pt; vertical-align:top; width:148.8pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">98.55%</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-left-color:#000000; border-left-style:solid; border-left-width:0.75pt; border-right-color:#000000; border-right-style:solid; border-right-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:5.03pt; padding-right:5.03pt; vertical-align:top; width:148.8pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">1.45%</font></p>
                    </td>
                </tr>
                <tr>
                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-left-color:#000000; border-left-style:solid; border-left-width:0.75pt; border-right-color:#000000; border-right-style:solid; border-right-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:5.03pt; padding-right:5.03pt; vertical-align:top; width:148.8pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Aquinas Wireless L.P.</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-left-color:#000000; border-left-style:solid; border-left-width:0.75pt; border-right-color:#000000; border-right-style:solid; border-right-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:5.03pt; padding-right:5.03pt; vertical-align:top; width:148.8pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">98.85%</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-left-color:#000000; border-left-style:solid; border-left-width:0.75pt; border-right-color:#000000; border-right-style:solid; border-right-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:5.03pt; padding-right:5.03pt; vertical-align:top; width:148.8pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">1.15%</font></p>
                    </td>
                </tr>
                <tr>
                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-left-color:#000000; border-left-style:solid; border-left-width:0.75pt; border-right-color:#000000; border-right-style:solid; border-right-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:5.03pt; padding-right:5.03pt; vertical-align:top; width:148.8pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">King Street Wireless L.P.</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-left-color:#000000; border-left-style:solid; border-left-width:0.75pt; border-right-color:#000000; border-right-style:solid; border-right-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:5.03pt; padding-right:5.03pt; vertical-align:top; width:148.8pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">99.96%</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-left-color:#000000; border-left-style:solid; border-left-width:0.75pt; border-right-color:#000000; border-right-style:solid; border-right-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:5.03pt; padding-right:5.03pt; vertical-align:top; width:148.8pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">.04%</font></p>
                    </td>
                </tr>
            </table>
            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold; text-decoration:underline">Advantage Spectrum L.P., Aquinas Wireless L.P., and King Street Wireless L.P.</font></p>
            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">The General Partners of these VIEs, Frequency Advantage L.P. (Advantage Spectrum L.P. General Partner), Aquinas Wireless, Inc. (Aquinas Wireless L.P. General Partner), and King Street Wireless, Inc. (King Street Wireless L.P. General Partner) qualify as </font><font style="font-family:Helvetica; font-size:9pt; font-style:italic">re</font><font style="font-family:Helvetica; font-size:9pt; font-style:italic">lated parties</font><font style="font-family:Helvetica; font-size:9pt"> to U.S. Cellular as such term is defined in ASC 810-10-25-43(a) and (b).&#160; Specifically, U.S. Cellular (U.S. Cellular as used herein refers to U.S. Cellular Corporation and its subsidiaries) provided loans to these Partners which these Partner</font><font style="font-family:Helvetica; font-size:9pt">s in turn used to finance substantial portions of their respective equity contributions in the corresponding VIEs, Advantage Spectrum L.P., Aquinas Wireless L.P., and King Street Wireless L.P.&#160; Therefore, two </font><font style="font-family:Helvetica; font-size:9pt; font-style:italic">related parties</font><font style="font-family:Helvetica; font-size:9pt"> together own 100% of each of Ad</font><font style="font-family:Helvetica; font-size:9pt">vantage Spectrum L.P., Aquinas Wireless L.P., and King Street Wireless L.P.&#160; Accordingly, the provisions of 810-10-25-38D are not applicable since such provisions contemplate cases where power is shared among multiple </font><font style="font-family:Helvetica; font-size:9pt; font-style:italic">unrelated</font><font style="font-family:Helvetica; font-size:9pt"> parties.&#160; </font></p>
            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Given the relate</font><font style="font-family:Helvetica; font-size:9pt">d party ownership make-up, the provisions of ASC 810-10-25-44(a)-(d) are applicable, which indicate that the party within the related party group that is most closely associated with the VIE is the primary beneficiary.&#160; ASC 810-10-25-44(c) states:&#160; (to det</font><font style="font-family:Helvetica; font-size:9pt">ermine the party most closely associated with the VIE) &#8220;A party&#8217;s exposure to the variability associated with the anticipated economic performance of the VIE&#8221;.&#160; With respect to these VIEs, this provision is highly determinative in identifying the party mos</font><font style="font-family:Helvetica; font-size:9pt">t closely associated with each VIE.&#160; In each case, U.S. Cellular has a disproportionate exposure to the variability associated with the anticipated economic performance of each VIE.&#160; Specifically, should these VIEs incur substantial losses and experience l</font><font style="font-family:Helvetica; font-size:9pt">iquidity difficulties and/or bankruptcy, U.S. Cellular would lose the value of its equity contributions and loans.&#160; As illustrated in the table above, U.S. Cellular&#8217;s equity contributions and loans comprise substantially all of the capitalization of these </font><font style="font-family:Helvetica; font-size:9pt">VIEs.&#160; The exposure to variability of gains/income varies for these VIEs, and by level of gains/income, subject to the terms of each of the respective VIE agreements.&#160; After considering the factors in ASC 810-10-25-44, management concluded that U.S. Cellul</font><font style="font-family:Helvetica; font-size:9pt">ar is the primary beneficiary of these VIEs.&#160; This conclusion was based primarily on U.S. Cellular&#8217;s exposure to the variability of losses and gains, particularly its disproportionate exposure to losses, and the relationship and significance of the activit</font><font style="font-family:Helvetica; font-size:9pt">ies of the VIEs to U.S. Cellular.&#160; </font></p>
            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">With respect to Advantage Spectrum L.P., Aquinas Wireless L.P., and King Street Wireless L.P., the General Partners of these VIEs maintain exclusive right to manage, operate and control the limited partnerships and make</font><font style="font-family:Helvetica; font-size:9pt"> all decisions to carry on the business of the partnerships; however, U.S. Cellular has determined that these General Partners do not have unilateral ability to make certain significant decisions since certain significant activities of the VIEs require U.S</font><font style="font-family:Helvetica; font-size:9pt">. Cellular&#8217;s consent.&#160; Specifically, these VIEs are in the business of acquiring FCC spectrum licenses and building and operating wireless networks.&#160; The General Partner may not materially change the business of these partnerships without the consent of th</font><font style="font-family:Helvetica; font-size:9pt">e Limited Partner.&#160; Further, the General Partner is not permitted to sell or assign certain FCC spectrum licenses without the consent of the Limited Partner (U.S. Cellular).&#160; </font></p>
            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold; text-decoration:underline">Frequency Advantage L.P.</font></p>
            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">The primary beneficiary of Frequency Advantage L.P. w</font><font style="font-family:Helvetica; font-size:9pt">as evaluated under the provisions of ASC 810-10-25-38A.&#160; As set forth below, based on such provisions, management determined U.S. Cellular was the primary beneficiary of Frequency Advantage L.P.&#160;&#160; </font></p>
            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">With respect to evaluating ASC 810-10-25-38A(a) (i.e., po</font><font style="font-family:Helvetica; font-size:9pt">wer criterion), the provisions of ASC 810-10-25-38G and ASC 810-10-25-38D should be considered together.&#160; ASC 810-10-25-38G requires that consideration be given to cases where the reporting entity&#8217;s obligation to absorb losses and right to receive benefits</font><font style="font-family:Helvetica; font-size:9pt"> is disproportionately greater than its stated power to direct the activities of a VIE that most significantly impact the VIE&#8217;s economic performance, and such level of economic interest may be indicative of the amount of power that the reporting entity hol</font><font style="font-family:Helvetica; font-size:9pt">ds.&#160; U.S. Cellular provided substantially all of the capitalization for Frequency Advantage L.P. in the form of loans, as well as for the corresponding investee company, Advantage Spectrum L.P., in the form of equity and loans.&#160; U.S. Cellular&#8217;s significant</font><font style="font-family:Helvetica; font-size:9pt"> economic interest in Advantage Spectrum L.P., the investee company, is critical since the only activity of Frequency Advantage L.P. is to invest in such investee company.&#160; Further, the General Partner of Frequency Advantage L.P. may not transfer its inter</font><font style="font-family:Helvetica; font-size:9pt">est in Advantage Spectrum L.P. without the consent of U.S. Cellular.&#160; Considering all of these factors, including the purpose and design of Frequency Advantage L.P., U.S. Cellular has the characteristics identified in ASC 810-10-25-38A(a).&#160;&#160; </font></p>
            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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            <p style="margin:0pt"><font style="font-family:'Times New Roman'; font-size:12pt">____________________</font></p>
            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:5.33pt; vertical-align:super">1</font><font style="font-family:Helvetica; font-size:8pt"> </font><font style="font-family:Helvetica; font-size:8pt">U.S. Cellular provided capital in the form of loans and equity contributions either directly to the respective VIE entities, or indirectly by providing loans to Partners of the VIE entities, and such Partners in turn contributed </font><font style="font-family:Helvetica; font-size:8pt">such loaned funds to the respective VIE entities in the form of equity contributions.</font><a name="EDGAR_PAGE_END2"></a></p>
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            <p style="margin:0pt"><a name="EDGAR_PAGE_START3"></a><font style="font-family:Helvetica; font-size:9pt">For purposes of evaluating the provisions of ASC 810-10-25-38A(b) (i.e., losses/benefits criterion), the capitalization of Frequency Advantage L.P. is an important con</font><font style="font-family:Helvetica; font-size:9pt">sideration.&#160; As set forth in the table above, U.S. Cellular contributed substantially all of the capital to Frequency Advantage L.P. in the form of loans.&#160; As a result, should Frequency Advantage L.P. incur substantial losses and experience liquidity diffi</font><font style="font-family:Helvetica; font-size:9pt">culties and/or bankruptcy, U.S. Cellular would lose the value of its loans, and thereby absorb substantially all of the losses of Frequency Advantage L.P.&#160; Since U.S. Cellular does not hold an equity interest in Frequency Advantage L.P., U.S. Cellular woul</font><font style="font-family:Helvetica; font-size:9pt">d not share in gains/income, except that it would realize the value of its loans plus interest.&#160; Considering all of these factors, U.S. Cellular has the characteristics identified in ASC 810-10-25-38A(b).&#160;&#160;&#160; </font></p>
            <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">__________</font></p>
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            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">In connection with responding to th</font><font style="font-family:Helvetica; font-size:9pt">e Staff&#8217;s comment, the Company acknowledges that</font></p>
            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                <li style="margin:0pt 0pt 10pt 27.14pt; text-indent:0pt; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:Helvetica; font-size:9pt">the Company is responsible for the adequacy and accuracy of the disclosure in the filing;</font></li>
                <li style="margin:0pt 0pt 10pt 27.14pt; text-indent:0pt; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:Helvetica; font-size:9pt">Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking </font><font style="font-family:Helvetica; font-size:9pt">any action with respect to the filings; and </font></li>
                <li style="margin:0pt 0pt 10pt 27.14pt; text-indent:0pt; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:Helvetica; font-size:9pt">the Company may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.</font></li>
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            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">The Company&#8217;s management has reviewed t</font><font style="font-family:Helvetica; font-size:9pt">he above responses to the Staff&#8217;s comments with the Audit Committee of its Board of Directors.&#160; If you have any questions, please contact Douglas W. Chambers, Vice President and Controller of TDS, at (608) 664-8501 or Douglas D. Shuma, Chief Accounting Off</font><font style="font-family:Helvetica; font-size:9pt">icer, at (312) 592-5301.</font></p>
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            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Sincerely,</font></p>
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                        <p style="margin:0pt"><a name="DOC_TBL00001_1_1"></a><font style="font-family:Helvetica; font-size:9pt">Telephone and Data Systems, Inc. </font></p>
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                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">By:</font></p>
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                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">/s/ Douglas W. Chambers</font></p>
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                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Douglas W. Chambers</font></p>
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                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Vice President and Controller</font></p>
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