FMAR » Topics » Income Taxes.

These excerpts taken from the FMAR 10-K filed Mar 31, 2009.

Income Taxes

        Deferred income taxes are recognized for the tax consequences of temporary differences between financial statement carrying amounts and the tax bases of assets and liabilities. Deferred income taxes are provided on income and expense items when they are reported for financial statement purposes in periods different from the periods in which these items are recognized in the income tax returns. Deferred tax assets are recognized only to the extent that it is more likely than not that such amounts will be realized based upon consideration of available evidence, including tax planning strategies and other factors.

        We adopted FASB Interpretation ("FIN") 48, Accounting for Uncertainty in Income Taxes, as of January 1, 2007. A tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. The adoption had no material effect on our consolidated financial statements.

        We recognize interest and penalties related to income tax matters in income tax (benefit) expense.

Income Taxes





        Deferred income taxes are recognized for the tax consequences of temporary differences between financial statement carrying amounts and
the tax bases of assets and liabilities. Deferred income taxes are provided on income and expense items when they are reported for financial statement purposes in periods different from the periods in
which these items are recognized in the income tax returns. Deferred tax assets are recognized only to the extent that it is more likely than not that such amounts will be realized based upon
consideration of available evidence, including tax planning strategies and other factors.



        We
adopted FASB Interpretation ("FIN") 48,
Accounting for Uncertainty in Income Taxes, as of January 1, 2007. A tax position is
recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the
largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. The adoption
had no material effect on our consolidated financial statements.



        We
recognize interest and penalties related to income tax matters in income tax (benefit) expense.





Income Taxes





        Deferred income taxes are recognized for the tax consequences of temporary differences between financial statement carrying amounts and
the tax bases of assets and liabilities. Deferred income taxes are provided on income and expense items when they are reported for financial statement purposes in periods different from the periods in
which these items are recognized in the income tax returns. Deferred tax assets are recognized only to the extent that it is more likely than not that such amounts will be realized based upon
consideration of available evidence, including tax planning strategies and other factors.



        We
adopted FASB Interpretation ("FIN") 48,
Accounting for Uncertainty in Income Taxes, as of January 1, 2007. A tax position is
recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the
largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. The adoption
had no material effect on our consolidated financial statements.



        We
recognize interest and penalties related to income tax matters in income tax (benefit) expense.





These excerpts taken from the FMAR 10-K filed Mar 14, 2008.

Income Taxes

        Deferred income taxes are recognized for the tax consequences of temporary differences between financial statement carrying amounts and the tax bases of assets and liabilities. Deferred income taxes are provided on income and expense items when they are reported for financial statement purposes in

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periods different from the periods in which these items are recognized in the income tax returns. Deferred tax assets are recognized only to the extent that it is more likely than not that such amounts will be realized based upon consideration of available evidence, including tax planning strategies and other factors.

        We adopted FASB Interpretation ("FIN") 48, Accounting for Uncertainty in Income Taxes, as of January 1, 2007. A tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. The adoption had no material effect on our consolidated financial statements.

        We recognize interest and penalties related to income tax matters in income tax expense.

Income Taxes





        Deferred income taxes are recognized for the tax consequences of temporary differences between financial statement carrying amounts and the tax bases of assets
and liabilities. Deferred income taxes are provided on income and expense items when they are reported for financial statement purposes in



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periods
different from the periods in which these items are recognized in the income tax returns. Deferred tax assets are recognized only to the extent that it is more likely than not that such
amounts will be realized based upon consideration of available evidence, including tax planning strategies and other factors.



        We
adopted FASB Interpretation ("FIN") 48,
Accounting for Uncertainty in Income Taxes, as of January 1, 2007. A tax position is
recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the
largest amount of tax benefit that is greater than 50% likely of being realized
on examination. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. The adoption had no material effect on our consolidated financial statements.



        We
recognize interest and penalties related to income tax matters in income tax expense.





This excerpt taken from the FMAR 10-K filed Mar 16, 2007.

Income Taxes

Deferred income taxes are recognized for the tax consequences of temporary differences between financial statement carrying amounts and the tax bases of assets and liabilities. Deferred income taxes are provided on income and expense items when they are reported for financial statement purposes in periods different from the periods in which these items are recognized in the income tax returns. Deferred tax assets are recognized only to the extent that it is more likely than not that such amounts will be realized based upon consideration of available evidence, including tax planning strategies and other factors.

This excerpt taken from the FMAR 10-K filed Mar 16, 2006.

Income Taxes

Deferred income taxes are recognized for the tax consequences of temporary differences between financial statement carrying amounts and the tax bases of assets and liabilities. Deferred income taxes are provided on income and expense items when they are reported for financial statement purposes in periods different from the periods in which these items are recognized in the income tax returns. Deferred tax assets are recognized only to the extent that it is more likely than not that such amounts will be realized based upon consideration of available evidence, including tax planning strategies and other factors.

This excerpt taken from the FMAR 10-Q filed Aug 9, 2005.
Income Taxes. The Company recorded income tax expense of $1.214 million on income before taxes of $4.316 million, resulting in an effective tax rate of 28.1% for the six month period ended June 30, 2005 in comparison to income tax expense of  $1.025 million on income before taxes of $3.705 million, resulting in an effective tax rate of 27.7% for the six month period ended June 30, 2004.  The increase in the effective tax rate reflects lower levels of tax exempt interest income for income tax purposes relative to total pretax income.

 

The Company recorded income tax expense of $721 thousand on income before taxes of $2.448 million, resulting in an effective tax rate of 29.5% for the three month period ended June 30, 2005 in comparison to income tax expense of $519 thousand on income before taxes of $1.892 million, resulting in an effective tax rate of 27.4% for the three month period ended June 30, 2004.  The increase in the effective tax rate reflects lower levels of tax exempt interest income for income tax purposes relative to total pretax income.

 

This excerpt taken from the FMAR 10-K filed Mar 16, 2005.

Income Taxes

Deferred income taxes are recognized for the tax consequences of temporary differences between financial statement carrying amounts and the tax bases of assets and liabilities. Deferred income taxes are provided on income and expense items when they are reported for financial statement purposes in periods different from the periods in which these items are recognized in the income tax returns. Deferred tax assets are recognized only to the extent that it is more likely than not that such amounts will be realized based upon consideration of available evidence, including tax planning strategies and other factors.

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