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GOOG » Topics » Deferred Tax Assets

These excerpts taken from the GOOG 10-K filed Feb 15, 2008.

Deferred Tax Assets

Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financing reporting purposes and the amounts used for income tax purposes. Significant components of our deferred tax assets and liabilities are as follows (in thousands):

 

     As of December 31,  
     2006     2007  

Deferred tax assets:

     

Stock-based compensation

    $ 40,772     $ 118,297  

State taxes

      —         86,256  

Depreciation

      26,009       53,900  

Vacation accruals

      11,256       18,868  

Deferred Rent

      9,565       17,498  

Accruals and reserves not currently deductible

      6,867       9,824  

Unrealized losses on investments and other

      1,996       —    

Other

      4,242       14,674  
                

Total deferred tax assets

      100,707       319,317  

Deferred tax liabilities:

     

Identified intangibles

      (107,781 )     (127,700 )

Undistributed earnings of foreign subsidiaries

      —         (55,329 )

Unrealized gains on investments and other

      —         (30,187 )

Other

      (3,634 )     (4,344 )
                

Total deferred tax liabilities

      (111,415 )     (217,560 )
                

Net deferred tax assets (liabilities)

    $ (10,708 )   $ 101,757  
                

As of December 31, 2007, our federal net operating loss carryforwards for income tax purposes were approximately $22.1 million. If not utilized, the federal net operating loss carryforwards will begin to expire in 2024. The net operating loss carryforwards are subject to various limitations under Section 382 of the Internal Revenue Code.

Deferred Tax Assets

STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%">Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financing reporting
purposes and the amounts used for income tax purposes. Significant components of our deferred tax assets and liabilities are as follows (in thousands):

 













































































































































































































































   As of December 31, 
   2006  2007 

Deferred tax assets:

   

Stock-based compensation

  $40,772  $118,297 

State taxes

   —     86,256 

Depreciation

   26,009   53,900 

Vacation accruals

   11,256   18,868 

Deferred Rent

   9,565   17,498 

Accruals and reserves not currently deductible

   6,867   9,824 

Unrealized losses on investments and other

   1,996   —   

Other

   4,242   14,674 
         

Total deferred tax assets

   100,707   319,317 

Deferred tax liabilities:

   

Identified intangibles

   (107,781)  (127,700)

Undistributed earnings of foreign subsidiaries

   —     (55,329)

Unrealized gains on investments and other

   —     (30,187)

Other

   (3,634)  (4,344)
         

Total deferred tax liabilities

   (111,415)  (217,560)
         

Net deferred tax assets (liabilities)

  $(10,708) $101,757 
         

As of December 31, 2007, our federal net operating loss carryforwards for income tax purposes
were approximately $22.1 million. If not utilized, the federal net operating loss carryforwards will begin to expire in 2024. The net operating loss carryforwards are subject to various limitations under Section 382 of the Internal Revenue
Code.

EXCERPTS ON THIS PAGE:

10-K (2 sections)
Feb 15, 2008

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