|
|
 | | | |
- close
- close
- close
- close
These excerpts taken from the AYR 10-K filed Mar 2, 2009. Income
Taxes
Aircastle provides for income taxes under the provisions of
SFAS No. 109, Accounting for Income Taxes, or
SFAS No. 109. SFAS No. 109 requires an asset
and liability based approach in accounting for income taxes.
Deferred income tax assets and liabilities are recognized for
the future tax consequences attributed to differences between
the financial statement and tax basis of existing assets and
liabilities using enacted rates applicable to the periods in
which the differences are expected to affect taxable income. A
valuation allowance is established, when necessary, to reduce
deferred tax assets to the amount estimated by us to be
realizable.
We adopted the provisions of FASB Interpretation No. 48,
Accounting for Uncertainty in Income Taxes — an
Interpretation of FASB Statement No. 109, or
FIN 48, effective January 1, 2007. FIN 48
addresses the determination of how tax benefits claimed or
expected to be claimed on a tax return should be recorded in the
financial statements. Under FIN 48, the Company must
recognize the tax benefit from an uncertain tax position only if
it is more likely than not that the tax position will be
sustained on examination by the taxing authorities. We did not
have any unrecognized tax benefits and there was no effect on
our financial condition or results of operations as a result of
implementing FIN 48.
Income Taxes Aircastle provides for income taxes under the provisions of SFAS No. 109, Accounting for Income Taxes, or SFAS No. 109. SFAS No. 109 requires an asset and liability based approach in accounting for income taxes. Deferred income tax assets and liabilities are recognized for the future tax consequences attributed to differences between the financial statement and tax basis of existing assets and liabilities using enacted rates applicable to the periods in which the differences are expected to affect taxable income. A valuation allowance is established, when necessary, to reduce deferred tax assets to the amount estimated by us to be realizable. We adopted the provisions of FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes — an Interpretation of FASB Statement No. 109, or FIN 48, effective January 1, 2007. FIN 48 addresses the determination of how tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under FIN 48, the Company must recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities. We did not have any unrecognized tax benefits and there was no effect on our financial condition or results of operations as a result of implementing FIN 48. Income
Taxes
Aircastle provides for income taxes of its taxable subsidiaries
under the provisions of SFAS No. 109, Accounting
for Income Taxes (“SFAS No. 109”).
SFAS No. 109 requires an asset and liability based
Table of Contents
Aircastle
Limited and Subsidiaries
Notes to Consolidated Financial Statements (Dollars in thousands, except per share amounts)
approach in accounting for income taxes. Deferred income tax
assets and liabilities are recognized for the future tax
consequences attributed to differences between the financial
statement and tax basis of existing assets and liabilities using
enacted rates applicable to the periods in which the differences
are expected to affect taxable income. A valuation allowance is
established, when necessary, to reduce deferred tax assets to
the amount estimated by us to be realizable.
We adopted the provisions of FASB Interpretation No. 48,
Accounting for Uncertainty in Income Taxes — an
Interpretation of FASB Statement No. 109
(“FIN 48”), effective January 1, 2007.
FIN 48 addresses the determination of how tax benefits
claimed or expected to be claimed on a tax return should be
recorded in the financial statements. Under FIN 48, the
Company must recognize the tax benefit from an uncertain tax
position only if it is more likely than not that the tax
position will be sustained on examination by the taxing
authorities.
Income Taxes Aircastle provides for income taxes of its taxable subsidiaries under the provisions of SFAS No. 109, Accounting for Income Taxes (“SFAS No. 109”). SFAS No. 109 requires an asset and liability based
Table of ContentsAircastle Limited and Subsidiaries Notes to Consolidated Financial Statements (Dollars in thousands, except per share amounts) approach in accounting for income taxes. Deferred income tax assets and liabilities are recognized for the future tax consequences attributed to differences between the financial statement and tax basis of existing assets and liabilities using enacted rates applicable to the periods in which the differences are expected to affect taxable income. A valuation allowance is established, when necessary, to reduce deferred tax assets to the amount estimated by us to be realizable. We adopted the provisions of FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes — an Interpretation of FASB Statement No. 109 (“FIN 48”), effective January 1, 2007. FIN 48 addresses the determination of how tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under FIN 48, the Company must recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities. This excerpt taken from the AYR 8-K filed Sep 26, 2007. Income Taxes Aircastle provides for income taxes, of its taxable subsidiaries, under the provisions of SFAS No. 109, Accounting for Income Taxes (“SFAS No. 109”). SFAS No. 109 requires an asset and liability based approach in accounting for income taxes. Deferred income tax assets and liabilities are recognized for the future tax consequences attributed to differences between the financial statement and tax basis of existing assets and liabilities using enacted rates applicable to the periods in which the differences are expected to affect taxable income. A valuation allowance is established when necessary to reduce deferred tax assets to the amount estimated by Aircastle to be realizable. | EXCERPTS ON THIS PAGE:
RELATED TOPICS for AYR: |
| |||||||
