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These excerpts taken from the NBR 10-K filed Mar 31, 2009. Income
Taxes
The Company is a limited liability company treated as a
partnership for federal and state income tax purposes with all
income tax liabilities
and/or
benefits of the Company being passed through to the members. As
such, no recognition of federal or state income taxes for the
Company or its subsidiaries that are organized as limited
liability companies have been provided for in the accompanying
consolidated financial statements.
In accordance with the operating agreement of NFR, to the extent
possible without impairing the Company’s ability to
continue to conduct its business and activities, and in order to
permit its members to pay taxes on their allocable share of the
taxable income of the Company, NFR shall make quarterly
distributions to the members in the amount equal to the
estimated tax liability of each member computed as if each
member paid income tax at the highest marginal federal and state
rate applicable to an individual resident of New York,
Table of Contents
NFR
Energy LLC
Notes to
Consolidated Financial
Statements — (Continued)
New York, in the event that taxable income is generated for the
members. There was no taxable income and therefore no
distributions in 2008 and 2007.
Income
Taxes
The Company is a limited liability company treated as a
partnership for federal and state income tax purposes with all
income tax liabilities
and/or
benefits of the Company being passed through to the members. As
such, no recognition of federal or state income taxes for the
Company or its subsidiaries that are organized as limited
liability companies have been provided for in the accompanying
consolidated financial statements.
In accordance with the operating agreement of NFR, to the extent
possible without impairing the Company’s ability to
continue to conduct its business and activities, and in order to
permit its members to pay taxes on their allocable share of the
taxable income of the Company, NFR shall make quarterly
distributions to the members in the amount equal to the
estimated tax liability of each member computed as if each
member paid income tax at the highest marginal federal and state
rate applicable to an individual resident of New York,
Table of Contents
NFR
Energy LLC
Notes to
Consolidated Financial
Statements — (Continued)
New York, in the event that taxable income is generated for the
members. There was no taxable income and therefore no
distributions in 2008 and 2007.
Income Taxes The Company is a limited liability company treated as a partnership for federal and state income tax purposes with all income tax liabilities and/or benefits of the Company being passed through to the members. As such, no recognition of federal or state income taxes for the Company or its subsidiaries that are organized as limited liability companies have been provided for in the accompanying consolidated financial statements. In accordance with the operating agreement of NFR, to the extent possible without impairing the Company’s ability to continue to conduct its business and activities, and in order to permit its members to pay taxes on their allocable share of the taxable income of the Company, NFR shall make quarterly distributions to the members in the amount equal to the estimated tax liability of each member computed as if each member paid income tax at the highest marginal federal and state rate applicable to an individual resident of New York,
Table of ContentsNFR Energy LLC Notes to Consolidated Financial Statements — (Continued) New York, in the event that taxable income is generated for the members. There was no taxable income and therefore no distributions in 2008 and 2007. Income Taxes The Company is a limited liability company treated as a partnership for federal and state income tax purposes with all income tax liabilities and/or benefits of the Company being passed through to the members. As such, no recognition of federal or state income taxes for the Company or its subsidiaries that are organized as limited liability companies have been provided for in the accompanying consolidated financial statements. In accordance with the operating agreement of NFR, to the extent possible without impairing the Company’s ability to continue to conduct its business and activities, and in order to permit its members to pay taxes on their allocable share of the taxable income of the Company, NFR shall make quarterly distributions to the members in the amount equal to the estimated tax liability of each member computed as if each member paid income tax at the highest marginal federal and state rate applicable to an individual resident of New York,
Table of ContentsNFR Energy LLC Notes to Consolidated Financial Statements — (Continued) New York, in the event that taxable income is generated for the members. There was no taxable income and therefore no distributions in 2008 and 2007. | EXCERPTS ON THIS PAGE:
RELATED TOPICS for NBR: |
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