EEE » Topics » Income taxes.

This excerpt taken from the EEE 8-K filed Oct 29, 2009.
Income taxes.  We follow the liability method of accounting for income taxes under which deferred tax assets and liabilities are recognized for future tax consequences. A deferred tax asset or liability is computed for both the expected future impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carryforwards. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized, based upon an assessment of both negative and positive evidence, in future tax returns. We have provided a full valuation reserve related to our substantial deferred tax assets. In the future, if sufficient evidence of our ability to generate future taxable income becomes apparent, we may reduce this valuation allowance, resulting in income tax benefits in our consolidated statement of operations. Tax rate changes are reflected in the period such changes are enacted.

 

This excerpt taken from the EEE 10-K filed Mar 24, 2008.

(10) Income Taxes

        Our operations are principally domestic, with income taxable at the federal statutory rate of 34% plus applicable state rates. The tables below reflect the deferred tax asset (liabilities) for our wholly owned C corporation subsidiaries Buckeye and Landrica. These entity's tax obligations are reflected in Evergreen Energy's consolidated return. Deferred tax assets (liabilities) were comprised of the following:

 
  2007
  2006
 
 
  (in thousands)

 
Gross deferred tax assets:              
Net operating loss carryforwards   $ 7,031   $ 2,518  
Depreciation and amortization     1,013     (1 )
Accrued liabilities     677     420  
   
 
 
Gross deferred tax assets     8,721     2,937  
Deferred tax assets valuation allowance     (8,721 )   (2,937 )
   
 
 
Net deferred tax assets   $   $  
   
 
 

        We have recorded a valuation allowance for the full amount of our net deferred asset because, based upon an assessment of both negative and positive evidence, it is more likely than not that we will not realize such benefits in future tax returns. As of December 31, 2007 our tax return net operating

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EVERGREEN OPERATIONS, LLC

Notes to Consolidated Financial Statements (Continued)

Years ended December 31, 2007, 2006 and 2005

(10) Income Taxes (Continued)


loss carryforwards were $19 million that expire in various amounts in 2008. The remaining net operating loss carryforwards will expire in varying amounts over the next several years.

        Our total provision for income taxes in 2007, 2006 and 2005 were different from the amount expected by applying the statutory federal income tax rate to our net loss as reported in our Consolidated Statement of Operations. The approximate differences are as follows:

 
  2007
  2006
  2005
 
 
  (in thousands)

 
Expected tax benefit on loss before income taxes   $ (5,486 ) $ (1,984 ) $ (354 )
Expected state tax benefit, net     (532 )   (193 )   (34 )
Stock options, restricted stock and warrant exercises     220          
Non-deductible items and other     14     2     (267 )
Expiring net operating loss              
Increase in valuation allowance     5,784     2,175     655  
   
 
 
 
    $   $   $  
   
 
 
 

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This excerpt taken from the EEE 8-K filed Oct 29, 2007.
Income taxes   No provision for incomes taxes related to income, deductions, gains, losses and credits has been made in the consolidated financial statements related to the operating results of KFx Plant,  KFx Operations,  and Evergreen Operations, on an unconsolidated basis, as such items are reportable on the income tax returns of the members of these limited liability corporations.  Our subsidiaries Buckeye and Landrica are corporations subject to tax under the federal income tax code.  Consequently, we follow the liability method of accounting for income taxes for Buckeye and Landrica, pursuant to which deferred tax assets and liabilities are recognized for future tax consequences.  A deferred tax asset or liability is computed for both the expected future impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carryforwards.  Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized, based upon an assessment of both negative and positive evidence, in future tax returns.  Tax rate changes are reflected in the period such changes are enacted.  Evergreen Energy files consolidated tax returns on our behalf whenever possible.

 

This excerpt taken from the EEE 10-K filed Mar 1, 2007.
Income taxes.   We follow the liability method of accounting for income taxes under which deferred tax assets and liabilities are recognized for future tax consequences. A deferred tax asset or liability is computed for both the expected future impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carryforwards. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized, based upon an assessment of both negative and positive evidence, in future tax returns. Tax rate changes are reflected in the period such changes are enacted.

This excerpt taken from the EEE 10-K filed Mar 16, 2005.
                Income taxes.   Income tax expense is the amount of income taxes expected to be payable for the current year.  A deferred tax asset or liability is computed for both the expected future impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carryforwards.  Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized, based upon an assessment of both negative and positive evidence, in future tax returns.  Tax rate changes are reflected in our results of operations in the period such changes are enacted.

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