INDB » Topics » Income Taxes

These excerpts taken from the INDB 10-K filed Mar 10, 2009.
Income Taxes
 
Deferred income tax assets and liabilities are determined using the asset and liability (or balance sheet) method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. If current available information raises doubt as to the realization of the deferred tax assets, a valuation allowance is established. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Income taxes are allocated to each entity in the consolidated group based on its share of taxable income. Management exercises significant judgment in evaluating the amount and timing of recognition of the resulting tax liabilities and assets, including projections of future taxable income. Additionally, a liability for unrecognized tax benefits is recorded for uncertain tax positions taken by the Company on its tax returns for which there is less than a 50% likelihood of being recognized upon a tax examination.
 
Tax credits generated from the New Markets Tax Credit program are reflected in earnings when realized for federal income tax purposes.
 
Income Taxes
 
Deferred income tax assets and liabilities are determined using the asset and liability (or balance sheet) method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. If current available information raises doubt as to the realization of the deferred tax assets, a valuation allowance is established. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Income taxes are allocated to each entity in the consolidated group based on its share of taxable income. Management exercises significant judgment in evaluating the amount and timing of recognition of the resulting tax liabilities and assets, including projections of future taxable income. Additionally, a liability for unrecognized tax benefits is recorded for uncertain tax positions taken by the Company on its tax returns for which there is less than a 50% likelihood of being recognized upon a tax examination.
 
Tax credits generated from the New Markets Tax Credit program are reflected in earnings when realized for federal income tax purposes.
 
Income
Taxes



 



Deferred income tax assets and liabilities are determined using
the asset and liability (or balance sheet) method of accounting
for income taxes. Under this method, deferred tax assets and
liabilities are recognized for the future tax consequences
attributable to differences between the financial statement
carrying amounts of existing assets and liabilities and their
respective tax basis. If current available information raises
doubt as to the realization of the deferred tax assets, a
valuation allowance is established. Deferred tax assets and
liabilities are measured using enacted tax rates expected to
apply to taxable income in the years in which those temporary
differences are expected to be recovered or settled. The effect
on deferred tax assets and liabilities of a change in tax rates
is recognized in income in the period that includes the
enactment date. Income taxes are allocated to each entity in the
consolidated group based on its share of taxable income.
Management exercises significant judgment in evaluating the
amount and timing of recognition of the resulting tax
liabilities and assets, including projections of future taxable
income. Additionally, a liability for unrecognized tax benefits
is recorded for uncertain tax positions taken by the Company on
its tax returns for which there is less than a 50% likelihood of
being recognized upon a tax examination.


 



Tax credits generated from the New Markets Tax Credit program
are reflected in earnings when realized for federal income tax
purposes.


 




Income
Taxes



 



Deferred income tax assets and liabilities are determined using
the asset and liability (or balance sheet) method of accounting
for income taxes. Under this method, deferred tax assets and
liabilities are recognized for the future tax consequences
attributable to differences between the financial statement
carrying amounts of existing assets and liabilities and their
respective tax basis. If current available information raises
doubt as to the realization of the deferred tax assets, a
valuation allowance is established. Deferred tax assets and
liabilities are measured using enacted tax rates expected to
apply to taxable income in the years in which those temporary
differences are expected to be recovered or settled. The effect
on deferred tax assets and liabilities of a change in tax rates
is recognized in income in the period that includes the
enactment date. Income taxes are allocated to each entity in the
consolidated group based on its share of taxable income.
Management exercises significant judgment in evaluating the
amount and timing of recognition of the resulting tax
liabilities and assets, including projections of future taxable
income. Additionally, a liability for unrecognized tax benefits
is recorded for uncertain tax positions taken by the Company on
its tax returns for which there is less than a 50% likelihood of
being recognized upon a tax examination.


 



Tax credits generated from the New Markets Tax Credit program
are reflected in earnings when realized for federal income tax
purposes.


 




These excerpts taken from the INDB 10-K filed Mar 14, 2008.
Income Taxes
 
Deferred income tax assets and liabilities are determined using the asset and liability (or balance sheet) method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and


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Table of Contents

 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
 
liabilities and their respective tax bases. If current available information raises doubt as to the realization of the deferred tax assets, a valuation allowance is established. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Income taxes are allocated to each entity in the consolidated group based on its share of taxable income. Management exercises significant judgment in evaluating the amount and timing of recognition of the resulting tax liabilities and assets, including projections of future taxable income. Additionally, a liability for unrecognized tax benefits may be recorded for uncertain tax positions taken by the Company on its tax returns for which there is less than a 50% likelihood of being recognized upon a tax examination.
 
Tax credits generated from limited partnerships and the New Markets Tax Credit program are reflected in earnings when realizable for federal income tax purposes.
 
Income
Taxes



 



Deferred income tax assets and liabilities are determined using
the asset and liability (or balance sheet) method of accounting
for income taxes. Under this method, deferred tax assets and
liabilities are recognized for the future tax consequences
attributable to differences between the financial statement
carrying amounts of existing assets and





77





Table of Contents





 




NOTES TO
CONSOLIDATED FINANCIAL
STATEMENTS — (Continued)


 



liabilities and their respective tax bases. If current available
information raises doubt as to the realization of the deferred
tax assets, a valuation allowance is established. Deferred tax
assets and liabilities are measured using enacted tax rates
expected to apply to taxable income in the years in which those
temporary differences are expected to be recovered or settled.
The effect on deferred tax assets and liabilities of a change in
tax rates is recognized in income in the period that includes
the enactment date. Income taxes are allocated to each entity in
the consolidated group based on its share of taxable income.
Management exercises significant judgment in evaluating the
amount and timing of recognition of the resulting tax
liabilities and assets, including projections of future taxable
income. Additionally, a liability for unrecognized tax benefits
may be recorded for uncertain tax positions taken by the Company
on its tax returns for which there is less than a 50% likelihood
of being recognized upon a tax examination.


 



Tax credits generated from limited partnerships and the New
Markets Tax Credit program are reflected in earnings when
realizable for federal income tax purposes.


 




This excerpt taken from the INDB 10-K filed Feb 28, 2007.
Income Taxes
 
Deferred income tax assets and liabilities are determined using the asset and liability (or balance sheet) method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. If current available information raises doubt as to the realization of the deferred tax assets, a valuation allowance is established. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Income taxes are allocated to each entity in the consolidated group based on its share of taxable income. Management exercises significant judgment in evaluating the amount and timing of recognition of the resulting tax liabilities and assets, including projections of future taxable income.
 
Tax credits generated from limited partnerships and the New Markets Tax Credit program are reflected in earnings when realized for federal income tax purposes.
 
This excerpt taken from the INDB 10-K filed Mar 3, 2006.
Income Taxes
 
Deferred income tax assets and liabilities are determined using the asset and liability (or balance sheet) method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. If current available information raises doubt as to the realization of the deferred tax assets, a valuation allowance is established. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Income taxes are allocated to each entity in the consolidated group based on its share of taxable income. Management exercises significant judgment in evaluating the amount and timing of recognition of the resulting tax liabilities and assets, including projections of future taxable income.
 
Tax credits generated from limited partnerships and the New Markets Tax Credit program are reflected in earnings when realized for federal income tax purposes.
 
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