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This excerpt taken from the QRCP 10-Q filed May 12, 2008. Income
Taxes
The Company accounts for income taxes pursuant to the provisions
of the SFAS 109, Accounting for Income Taxes, which
requires an asset and liability approach to calculating deferred
income taxes. The asset and liability approach requires the
recognition of deferred tax liabilities and assets for the
expected future tax consequences of temporary differences
between the carrying amounts and the tax basis of assets and
liabilities. The provision for income taxes differ from the
amounts currently payable because of temporary differences
(primarily intangible drilling costs and the net operating loss
carry forward) in the recognition of certain income and expense
items for financial reporting and tax reporting purposes.
Accounting for Uncertainty in Income
Taxes. In June 2006, the Financial Accounting
Standards Board (FASB) issued Interpretation No. 48,
Accounting for Uncertainty in Income Taxes — an
Interpretation of FASB Statement No. 109 (FIN 48).
FIN 48 is intended to clarify the accounting for
uncertainty in income taxes recognized
Table of Contents
QUEST
RESOURCE CORPORATION AND SUBSIDIARIES
CONDENSED
NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS — (Continued)
in a company’s financial statements and prescribes the
recognition and measurement of a tax position taken or expected
to be taken in a tax return. FIN 48 also provides guidance
on de-recognition, classification, interest and penalties,
accounting in interim periods, disclosure and transition.
Under FIN 48, evaluation of a tax position is a two-step
process. The first step is to determine whether it is
more-likely-than-not that a tax position will be sustained upon
examination, including the resolution of any related appeals or
litigation based on the technical merits of that position. The
second step is to measure a tax position that meets the
more-likely-than-not threshold to determine the amount of
benefit to be recognized in the financial statements. A tax
position is measured at the largest amount of benefit that is
greater than 50% likely of being realized upon ultimate
settlement.
Tax positions that previously failed to meet the
more-likely-than-not recognition threshold should be recognized
in the first subsequent period in which the threshold is met.
Previously recognized tax positions that no longer meet the
more-likely-than-not criteria should be de-recognized in the
first subsequent financial reporting period in which the
threshold is no longer met.
The adoption of FIN 48 at January 1, 2007 did not have
a material effect on the Company’s financial position.
These excerpts taken from the QRCP 10-K filed Mar 10, 2008. Income
Taxes
The Company accounts for income taxes pursuant to the provisions
of the SFAS 109, Accounting for Income Taxes, which
requires an asset and liability approach to calculating deferred
income taxes. The asset and liability approach requires the
recognition of deferred tax liabilities and assets for the
expected future tax consequences of temporary differences
between the carrying amounts and the tax basis of assets and
liabilities. The provision for income taxes differ from the
amounts currently payable because of temporary differences
(primarily intangible drilling costs and the net operating loss
carry forward) in the recognition of certain income and expense
items for financial reporting and tax reporting purposes.
Accounting for Uncertainty in Income
Taxes. In June 2006, the Financial Accounting
Standards Board (FASB) issued Interpretation No. 48,
Accounting for Uncertainty in Income Taxes — an
Interpretation of FASB Statement No. 109 (FIN 48).
FIN 48 is intended to clarify the accounting for
uncertainty in income taxes recognized in a company’s
financial statements and prescribes the recognition and
measurement of a tax position taken or expected to be taken in a
tax return. FIN 48 also provides guidance on
de-recognition, classification, interest and penalties,
accounting in interim periods, disclosure and transition.
Under FIN 48, evaluation of a tax position is a two-step
process. The first step is to determine whether it is
more-likely-than-not that a tax position will be sustained upon
examination, including the resolution of any related appeals or
litigation based on the technical merits of that position. The
second step is to measure a tax position that meets the
more-likely-than-not threshold to determine the amount of
benefit to be recognized in the financial statements. A tax
position is measured at the largest amount of benefit that is
greater than 50% likely of being realized upon ultimate
settlement.
Tax positions that previously failed to meet the
more-likely-than-not recognition threshold should be recognized
in the first subsequent period in which the threshold is met.
Previously recognized tax positions that no longer meet the
more-likely-than-not criteria should be de-recognized in the
first subsequent financial reporting period in which the
threshold is no longer met.
The adoption of FIN 48 at January 1, 2007 did not have
a material effect on the Company’s financial position.
Income Taxes The Company accounts for income taxes pursuant to the provisions of the SFAS 109, Accounting for Income Taxes, which requires an asset and liability approach to calculating deferred income taxes. The asset and liability approach requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities. The provision for income taxes differ from the amounts currently payable because of temporary differences (primarily intangible drilling costs and the net operating loss carry forward) in the recognition of certain income and expense items for financial reporting and tax reporting purposes. Accounting for Uncertainty in Income Taxes. In June 2006, the Financial Accounting Standards Board (FASB) issued Interpretation No. 48, Accounting for Uncertainty in Income Taxes — an Interpretation of FASB Statement No. 109 (FIN 48). FIN 48 is intended to clarify the accounting for uncertainty in income taxes recognized in a company’s financial statements and prescribes the recognition and measurement of a tax position taken or expected to be taken in a tax return. FIN 48 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. Under FIN 48, evaluation of a tax position is a two-step process. The first step is to determine whether it is more-likely-than-not that a tax position will be sustained upon examination, including the resolution of any related appeals or litigation based on the technical merits of that position. The second step is to measure a tax position that meets the more-likely-than-not threshold to determine the amount of benefit to be recognized in the financial statements. A tax position is measured at the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold should be recognized in the first subsequent period in which the threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not criteria should be de-recognized in the first subsequent financial reporting period in which the threshold is no longer met. The adoption of FIN 48 at January 1, 2007 did not have a material effect on the Company’s financial position. These excerpts taken from the QRCP 10-K filed Jan 17, 2008. Income Taxes The Company accounts for income taxes pursuant to the provisions of the SFAS 109, Income Taxes The Company accounts for income taxes pursuant to the provisions of the SFAS 109, This excerpt taken from the QRCP 10-Q filed Aug 10, 2007. Income Taxes The Company accounts for income taxes pursuant to the provisions of the SFAS 109, This excerpt taken from the QRCP 10-Q filed Aug 9, 2007. Income Taxes The Company accounts for income taxes pursuant to the provisions of the SFAS 109, This excerpt taken from the QRCP 10-Q filed May 10, 2007. Income Taxes The Company accounts for income taxes pursuant to the provisions of the SFAS 109, This excerpt taken from the QRCP 10-K filed May 3, 2007. Income
Taxes
The Company accounts for income taxes pursuant to the provisions
of the SFAS 109, Accounting for Income Taxes, which
requires an asset and liability approach to calculating deferred
income taxes. The asset and liability approach requires the
recognition of deferred tax liabilities and assets for the
expected future tax consequences of temporary differences
between the carrying amounts and the tax basis of assets and
liabilities. The provision for income taxes differ from the
amounts currently payable because of temporary differences
(primarily intangible drilling costs and the net operating loss
carry forward) in the recognition of certain income and expense
items for financial reporting and tax reporting purposes.
This excerpt taken from the QRCP 10-K filed Mar 16, 2007. Income
Taxes
The Company accounts for income taxes pursuant to the provisions
of the SFAS 109, Accounting for Income Taxes, which
requires an asset and liability approach to calculating deferred
income taxes. The asset and liability approach requires the
recognition of deferred tax liabilities and assets for the
expected future tax consequences of temporary differences
between the carrying amounts and the tax basis of assets and
liabilities. The provision for income taxes differ from the
amounts currently payable because of temporary differences
(primarily intangible drilling costs and the net operating loss
carry forward) in the recognition of certain income and expense
items for financial reporting and tax reporting purposes.
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