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These excerpts taken from the SBN 10-K filed Dec 10, 2008. Income
Taxes
We account for income taxes using the liability method of
accounting under SFAS No. 109, Accounting for
Income Taxes. This method requires recognition of deferred
tax assets and liabilities for the expected future tax
consequences of events that have been included in our financial
statements or tax returns. Deferred tax assets and liabilities
are determined based on the difference between the financial
statement and tax basis of assets and liabilities using
currently enacted tax rates. Deferred tax assets are reduced by
a valuation allowance when it is more likely than not that some
component of the deferred tax assets will not be realized.
Income Taxes We account for income taxes using the liability method of accounting under SFAS No. 109, Accounting for Income Taxes. This method requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in our financial statements or tax returns. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using currently enacted tax rates. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some component of the deferred tax assets will not be realized. This excerpt taken from the SBN 10-K filed Dec 14, 2007. Income
Taxes
We account for income taxes using the liability method of
accounting under SFAS No. 109, Accounting for
Income Taxes. This method requires recognition of deferred
tax assets and liabilities for the expected future tax
consequences of events that have been included in our financial
statements or tax returns. Deferred tax assets and liabilities
are determined based on the difference between the financial
statement and tax basis of assets and liabilities using
currently enacted tax rates. Deferred tax assets are reduced by
a valuation allowance when it is more likely than not that some
component of the deferred tax assets will not be realized. The
income tax disclosures reflect the tax attributes of the Company
that were transferred at the separation from the Former Parent
in August 2002 or created subsequent to the separation.
These excerpts taken from the SBN 8-K filed Dec 13, 2006. Note 8 – Income TaxesAs of December 31, 2005, the Company had Federal and state net operating loss (NOL) carryovers of approximately $3,948,000 and $2,800,000, respectively. These NOL carryovers will expire in the years 2006 through 2025. The Company has net operating losses that may be subject to limitations under Internal Revenue Code (IRC) section 382, which is triggered in the event of an ownership change. The Company has evaluated the impact of the IRC section 382 limitation and believes that the amount of net operating losses shown in the financial statements as deferred tax assets represents the expected minimum amount of net operating losses available for future use under the IRC section 382 base limitations.Income Taxes Income taxes are accounted for under the asset and liability 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 and operating loss carryforwards. 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. The realizability of the deferred tax asset is assessed throughout the year and a valuation allowance is established accordingly. 6
This excerpt taken from the SBN 10-K filed Dec 20, 2005. Income Taxes
Prior to the separation from the Former Parent in August 2002, the Company did not file separate tax returns, but rather was included in the income tax returns filed by the Former Parent. The income tax disclosures reflect the tax attributes of the Company that were transferred at the separation or created subsequent to the separation. The tax attributes of the Former Parent did not transfer to the Company following the August 2002 separation. The Company accounts for income taxes under the liability method of accounting under SFAS No. 109, Accounting for Income Taxes. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using currently enacted tax rates.
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