SKYW » Topics » . Taxes.

These excerpts taken from the SKYW 10-K filed Feb 23, 2009.

Taxes

        A portion of the Company's granted options qualify as incentive stock options (ISO) for income tax purposes. As such, a tax benefit is not recorded at the time the compensation cost related to the options is recorded for book purposes due to the fact that an ISO does not ordinarily result in a tax benefit unless there is a disqualifying disposition. Stock option grants of non-qualified options result in the creation of a deferred tax asset, which is a temporary difference, until the time that the option is exercised. Due to the treatment of incentive stock options for tax purposes, the Company's effective tax rate from year to year is subject to variability.

Taxes



        A portion of the Company's granted options qualify as incentive stock options (ISO) for income tax purposes. As such, a tax benefit is
not recorded at the time the compensation cost related to the options is recorded for book purposes due to the fact that an ISO does not ordinarily result in a tax benefit unless there is a
disqualifying disposition. Stock option grants of non-qualified options result in the creation of a deferred tax asset, which is a temporary difference, until the time that the option is
exercised. Due to the treatment of incentive stock options for tax purposes, the Company's effective tax rate from year to year is subject to variability.



This excerpt taken from the SKYW 8-K filed Sep 13, 2005.
.  Taxes.  (a) Each Affiliated Group has timely filed all Combined Tax Returns that it was required to file for each taxable period during which the Company was a member of the Affiliated Group.  All such Combined Tax Returns were correct and complete in all material respects, and prepared in substantial compliance with all applicable laws and regulations.  All income Taxes shown or required to be shown on such Combined Tax Returns have been paid.

 

(b)                                 The Company has also separately filed all material Tax Returns (other than Combined Tax Returns) that it was required to file for each taxable period.  All such Tax Returns were timely filed, correct and complete in all material respects and were prepared in substantial compliance with all applicable laws and regulations.  The Company has paid all material Taxes shown or required to be shown on such separate Tax Returns.

 

(c)                                  To the Knowledge of Delta, no claim has ever been made by an authority in a jurisdiction where the Company does not file Tax Returns that the Company is or may be subject to taxation by that jurisdiction.  There are no Liens for Taxes (other than Taxes not yet due and payable) upon any of the assets of the Company.

 

(d)                                 To the Knowledge of Delta, the Company has withheld and paid all employment, sales, use and other Taxes required to have been withheld and paid in connection with any amounts paid or owing to any employee, independent contractor, creditor or other third party.

 

(e)                                  There is no pending or, to the Knowledge of Delta, any threatened dispute or claim concerning any material Tax liability of the Company for any taxable period during which the Company was a member of the Seller’s Affiliated Group.  Except as listed on

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