TIBX » Topics » Income Taxes

This excerpt taken from the TIBX 8-K filed Oct 30, 2009.

Income Taxes

The Company accounts for income taxes in accordance with SFAS No. 109, Accounting for Income Taxes (“SFAS No. 109”). SFAS No. 109 requires the Company to use an asset and liability-based approach in accounting for income taxes. Under that approach deferred income tax assets and liabilities are determined based on the difference between financial reporting and tax bases on assets and liabilities and are measured using the enacted tax rates that will be in effect when such differences are expected to reverse. A valuation allowance is recorded, if necessary, to reduce deferred tax assets to their estimated realizable value (Note 9).

These excerpts taken from the TIBX 10-K filed Jan 28, 2009.

Income Taxes

 

    Year Ended November 30,     Percentage Change  
    2008     2007     2006     2007
to 2008
    2006
to 2007
 

Provision for (benefit from) income tax

  $ 18,314     $ 25,401     $ 17,694     (28 )%   44 %

Effective tax rate

    26 %     33 %     20 %    

The effective tax rate was 26%, 33% and 20% in fiscal years 2008, 2007 and 2006, respectively. The effective tax rate in fiscal year 2008 differed from the statutory rate of 35% primarily due to the benefits resulting from the reorganization of certain foreign entities, a higher proportion of foreign income taxed at rates lower than the U.S. statutory rate, research and development credits and the tax benefit from the release of valuation allowance resulting from the ability to claim capital loss and foreign tax credit carryovers; which was partially offset by the tax impact of certain stock compensation charges under SFAS No. 123(R) and state income tax expense. The effective tax rate in fiscal year 2007 differed from the statutory rate of 35% primarily due to research and development credits and the tax benefit from the release of valuation allowance resulting from the ability to claim foreign tax credits against our foreign source income; which was partially offset by the tax impact of certain stock compensation charges under SFAS No. 123(R) and state income tax expense. The effective tax rate in fiscal year 2006 differed from the statutory rate of 35% primarily due to the tax benefit from the release of valuation allowance and the tax benefit from the Extraterritorial Income Exclusion; which was partially offset by the tax impact of certain stock compensation charges under SFAS No. 123(R) and state income tax expense.

 

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In connection with the acquisition of Insightful in fiscal year 2008, we have recorded current deferred tax assets of $0.6 million, current deferred tax liabilities of $0.1 million, long-term deferred tax assets of $3.2 million and long-term deferred tax liabilities of $0.4 million; with a corresponding adjustment to goodwill. These deferred taxes were related to the acquired tangible and intangible assets, deferred revenue and certain tax attributes of Insightful.

In connection with the acquisition of Spotfire in fiscal year 2007, we recorded current deferred tax assets of $4.1 million, current deferred tax liabilities of $17.3 million, long-term deferred tax assets of $11.9 million and long-term deferred tax liabilities of $18.7 million with a corresponding adjustment to goodwill. These deferred taxes were related to the acquired tangible and intangible assets, deferred revenue, pre-acquisition receivable and certain tax attributes of Spotfire. The IPR&D of $1.6 million that was expensed in fiscal year 2007 is not deductible for income tax purposes. This resulted in an unfavorable effective tax rate impact of 0.8% for the fiscal year ended November 30, 2007.

We make certain estimates and judgments in determining income tax expense for financial statement purposes. These estimates and judgments occur in the calculation of certain tax assets and liabilities, which arise from differences in the timing of recognition of revenue and expense for tax and financial statement purposes.

As part of the process of preparing our Consolidated Financial Statements, we are required to estimate our income taxes in each of the jurisdictions in which we operate. This process involves us estimating our current tax exposure under the most recent tax laws and assessing temporary differences resulting from differing treatment of items for tax and accounting purposes. These differences result in deferred tax assets and liabilities, which are included in our Consolidated Balance Sheets.

We assess the likelihood that we will be able to recover our deferred tax assets. We consider all available evidence, both positive and negative, including historical levels of income, expectations and risks associated with estimates of future taxable income and ongoing prudent and feasible tax planning strategies in assessing the need for the valuation allowance. If it is not more likely than not that we will recover our deferred tax assets, we will increase our provision for taxes by recording a valuation allowance against the deferred tax assets that we estimate will not ultimately be recoverable. The available positive evidence at November 30, 2008, included five years of historical operating profits and a projection of future income sufficient to realize most of our remaining deferred tax assets. We recorded a valuation allowance release of $1.2 million in fiscal year 2008, related to the utilization of capital loss and foreign tax credit. As of November 30, 2008, it was considered more likely than not that our deferred tax assets would be realized with the exception of certain capital loss and foreign tax credit carryovers as we cannot forecast sufficient future capital gains or foreign source income to realize these deferred tax assets. The remaining valuation allowance of approximately $7.9 million as of November 30, 2008 will result in an income tax benefit if and when we conclude it is more likely than not that the related deferred tax assets will be realized.

As of November 30, 2008, we believed that the amount of deferred tax assets recorded on our balance sheet would ultimately be recovered. However, should there be a change in our ability to recover our deferred tax assets, our tax provision would increase in the period in which we determine that it is more likely than not that we cannot recover our deferred tax assets. If we have to re-establish a full valuation allowance against our deferred tax assets, it would result in an increase of $38.6 million to income tax expense.

Our income taxes payable for federal purposes have been reduced by the tax benefits associated with the exercise of employee stock options during the fiscal year and utilization of net operating loss carryover applicable to stock options. The benefits applicable to stock options were credited directly to stockholders’ equity when realized and amounted to $27.0 million and $19.5 million for fiscal years 2008 and 2007, respectively.

As of November 30, 2008, our federal and state net operating loss carryforwards for income tax purposes were $313.1 million and $59.9 million, respectively, which expire in 2027. As of November 30, 2008, our federal

 

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and state tax credit carryforwards for income tax purposes were $36.8 million and $29.0 million, respectively. The federal tax credit carryforwards expire in 2028 and the state tax credits can be carried forward indefinitely.

U.S. income taxes and foreign withholding taxes have not been provided on a cumulative total of $38.9 million of undistributed earnings for certain non-U.S. subsidiaries. With the exception of our subsidiaries in the United Kingdom, net undistributed earnings of our foreign subsidiaries are generally considered to be indefinitely reinvested, and accordingly, no provision for U.S. income taxes has been provided thereon. Upon distribution of these earnings in the form of dividends or otherwise, we will be subject to U.S. income taxes net of available foreign tax credits associated with these earnings.

While we have not experienced and do not expect any impact to the effective tax rate for U.S. non-qualified stock option or restricted stock expense due to the adoption of SFAS No. 123(R), the effective tax rate has been and may be negatively impacted by foreign stock option expense that may not be deductible in the foreign jurisdictions. Also, SFAS No. 123(R) requires that the tax benefit of stock option deductions relating to incentive stock options be recorded in the period of disqualifying disposition. This could result in significant fluctuations in our effective tax rate between accounting periods.

We have elected to track the portion of our federal and state net operating loss and tax credit carryforwards attributable to stock option benefits in a separate memo account pursuant to SFAS No. 123(R). Therefore, these amounts are no longer included in our gross or net deferred tax assets. Pursuant to SFAS No. 123(R), footnote 82, the benefit of these net operating loss and tax credit carryforwards will only be recorded to equity when they reduce cash taxes payable.

As of November 30, 2008, our federal and state net operating loss carryforwards being accounted for in the memo account were $208.6 million and $29.7 million, respectively. As of November 30, 2008, our federal and state tax credit carryforwards being accounted for in the memo account were $34.2 million and $19.6 million, respectively.

In the event of a change in ownership, as defined under federal and state tax laws, our net operating loss and tax credit carryforwards may be subject to annual limitations. The annual limitations may result in the expiration of the net operating loss and tax credit carryforwards before utilization.

Income Taxes

STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"> 

























































































  Year Ended November 30,  Percentage Change 
  2008  2007  2006  2007
to 2008
  2006
to 2007
 

Provision for (benefit from) income tax

 $18,314  $25,401  $17,694  (28)% 44%

Effective tax rate

  26%  33%  20%  

The effective tax rate was 26%, 33% and 20% in fiscal years 2008, 2007 and 2006, respectively. The
effective tax rate in fiscal year 2008 differed from the statutory rate of 35% primarily due to the benefits resulting from the reorganization of certain foreign entities, a higher proportion of foreign income taxed at rates lower than the U.S.
statutory rate, research and development credits and the tax benefit from the release of valuation allowance resulting from the ability to claim capital loss and foreign tax credit carryovers; which was partially offset by the tax impact of certain
stock compensation charges under SFAS No. 123(R) and state income tax expense. The effective tax rate in fiscal year 2007 differed from the statutory rate of 35% primarily due to research and development credits and the tax benefit from the
release of valuation allowance resulting from the ability to claim foreign tax credits against our foreign source income; which was partially offset by the tax impact of certain stock compensation charges under SFAS No. 123(R) and state income
tax expense. The effective tax rate in fiscal year 2006 differed from the statutory rate of 35% primarily due to the tax benefit from the release of valuation allowance and the tax benefit from the Extraterritorial Income Exclusion; which was
partially offset by the tax impact of certain stock compensation charges under SFAS No. 123(R) and state income tax expense.

 


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In connection with the acquisition of Insightful in fiscal year 2008, we have recorded current deferred
tax assets of $0.6 million, current deferred tax liabilities of $0.1 million, long-term deferred tax assets of $3.2 million and long-term deferred tax liabilities of $0.4 million; with a corresponding adjustment to goodwill. These deferred taxes
were related to the acquired tangible and intangible assets, deferred revenue and certain tax attributes of Insightful.

In connection with
the acquisition of Spotfire in fiscal year 2007, we recorded current deferred tax assets of $4.1 million, current deferred tax liabilities of $17.3 million, long-term deferred tax assets of $11.9 million and long-term deferred tax liabilities of
$18.7 million with a corresponding adjustment to goodwill. These deferred taxes were related to the acquired tangible and intangible assets, deferred revenue, pre-acquisition receivable and certain tax attributes of Spotfire. The IPR&D of $1.6
million that was expensed in fiscal year 2007 is not deductible for income tax purposes. This resulted in an unfavorable effective tax rate impact of 0.8% for the fiscal year ended November 30, 2007.

STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%">We make certain estimates and judgments in determining income tax expense for financial statement purposes. These estimates and judgments occur in the
calculation of certain tax assets and liabilities, which arise from differences in the timing of recognition of revenue and expense for tax and financial statement purposes.

STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%">As part of the process of preparing our Consolidated Financial Statements, we are required to estimate our income taxes in each of the jurisdictions in
which we operate. This process involves us estimating our current tax exposure under the most recent tax laws and assessing temporary differences resulting from differing treatment of items for tax and accounting purposes. These differences result
in deferred tax assets and liabilities, which are included in our Consolidated Balance Sheets.

We assess the likelihood that we will be
able to recover our deferred tax assets. We consider all available evidence, both positive and negative, including historical levels of income, expectations and risks associated with estimates of future taxable income and ongoing prudent and
feasible tax planning strategies in assessing the need for the valuation allowance. If it is not more likely than not that we will recover our deferred tax assets, we will increase our provision for taxes by recording a valuation allowance against
the deferred tax assets that we estimate will not ultimately be recoverable. The available positive evidence at November 30, 2008, included five years of historical operating profits and a projection of future income sufficient to realize most
of our remaining deferred tax assets. We recorded a valuation allowance release of $1.2 million in fiscal year 2008, related to the utilization of capital loss and foreign tax credit. As of November 30, 2008, it was considered more likely
than not that our deferred tax assets would be realized with the exception of certain capital loss and foreign tax credit carryovers as we cannot forecast sufficient future capital gains or foreign source income to realize these deferred tax assets.
The remaining valuation allowance of approximately $7.9 million as of November 30, 2008 will result in an income tax benefit if and when we conclude it is more likely than not that the related deferred tax assets will be realized.

As of November 30, 2008, we believed that the amount of deferred tax assets recorded on our balance sheet would ultimately be
recovered. However, should there be a change in our ability to recover our deferred tax assets, our tax provision would increase in the period in which we determine that it is more likely than not that we cannot recover our deferred tax assets. If
we have to re-establish a full valuation allowance against our deferred tax assets, it would result in an increase of $38.6 million to income tax expense.

FACE="Times New Roman" SIZE="2">Our income taxes payable for federal purposes have been reduced by the tax benefits associated with the exercise of employee stock options during the fiscal year and utilization of net operating loss carryover
applicable to stock options. The benefits applicable to stock options were credited directly to stockholders’ equity when realized and amounted to $27.0 million and $19.5 million for fiscal years 2008 and 2007, respectively.

STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%">As of November 30, 2008, our federal and state net operating loss carryforwards for income tax purposes were $313.1 million and $59.9 million,
respectively, which expire in 2027. As of November 30, 2008, our federal

 


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and state tax credit carryforwards for income tax purposes were $36.8 million and $29.0 million, respectively. The federal tax credit carryforwards expire in
2028 and the state tax credits can be carried forward indefinitely.

U.S. income taxes and foreign withholding taxes have not been provided
on a cumulative total of $38.9 million of undistributed earnings for certain non-U.S. subsidiaries. With the exception of our subsidiaries in the United Kingdom, net undistributed earnings of our foreign subsidiaries are generally considered to be
indefinitely reinvested, and accordingly, no provision for U.S. income taxes has been provided thereon. Upon distribution of these earnings in the form of dividends or otherwise, we will be subject to U.S. income taxes net of available foreign tax
credits associated with these earnings.

While we have not experienced and do not expect any impact to the effective tax rate for U.S.
non-qualified stock option or restricted stock expense due to the adoption of SFAS No. 123(R), the effective tax rate has been and may be negatively impacted by foreign stock option expense that may not be deductible in the foreign
jurisdictions. Also, SFAS No. 123(R) requires that the tax benefit of stock option deductions relating to incentive stock options be recorded in the period of disqualifying disposition. This could result in significant fluctuations in our
effective tax rate between accounting periods.

We have elected to track the portion of our federal and state net operating loss and tax
credit carryforwards attributable to stock option benefits in a separate memo account pursuant to SFAS No. 123(R). Therefore, these amounts are no longer included in our gross or net deferred tax assets. Pursuant to SFAS No. 123(R),
footnote 82, the benefit of these net operating loss and tax credit carryforwards will only be recorded to equity when they reduce cash taxes payable.

FACE="Times New Roman" SIZE="2">As of November 30, 2008, our federal and state net operating loss carryforwards being accounted for in the memo account were $208.6 million and $29.7 million, respectively. As of November 30, 2008, our
federal and state tax credit carryforwards being accounted for in the memo account were $34.2 million and $19.6 million, respectively.

In
the event of a change in ownership, as defined under federal and state tax laws, our net operating loss and tax credit carryforwards may be subject to annual limitations. The annual limitations may result in the expiration of the net operating loss
and tax credit carryforwards before utilization.

Income Taxes

We make certain estimates and judgments in determining income tax expense for financial statement purposes. These estimates and judgments occur in the calculation of certain tax assets and liabilities, which arise from differences in the timing of recognition of revenue and expense for tax and financial statement purposes.

We assess the likelihood that we will be able to recover our deferred tax assets. We consider all available evidence, both positive and negative, including historical levels of income, expectations and risks associated with estimates of future taxable income and ongoing prudent and feasible tax planning strategies in assessing the need for the valuation allowance. If it is not more likely than not that we will recover our deferred tax assets, we will increase our provision for taxes by recording a valuation allowance against the deferred tax assets that we estimate will not ultimately be recoverable.

Income Taxes

We make certain estimates and judgments in determining income tax expense for financial statement purposes. These estimates and
judgments occur in the calculation of certain tax assets and liabilities, which arise from differences in the timing of recognition of revenue and expense for tax and financial statement purposes.

STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%">We assess the likelihood that we will be able to recover our deferred tax assets. We consider all available evidence, both positive and negative,
including historical levels of income, expectations and risks associated with estimates of future taxable income and ongoing prudent and feasible tax planning strategies in assessing the need for the valuation allowance. If it is not more likely
than not that we will recover our deferred tax assets, we will increase our provision for taxes by recording a valuation allowance against the deferred tax assets that we estimate will not ultimately be recoverable.

STYLE="margin-top:18px;margin-bottom:0px">Foreign Currency

Our foreign subsidiaries,
with a few exceptions, use the local currency of their respective countries as their functional currency. Assets and liabilities of these subsidiaries are translated into U.S. dollars at exchange rates at the balance sheet date. Income and
expense items are translated at average exchange rates for the period. Cumulative translation adjustments are included as a component of Accumulated Other Comprehensive Income (Loss) in Stockholders’ Equity. Foreign currency exchange gains
and losses, derived from monetary assets and liabilities stated in a currency other than the functional currency, are recorded in the Consolidated Statements of Operations. We recorded foreign currency exchange gains and (losses) of $(1.1) million,
$(1.5) million and $0.8 million in fiscal years 2008, 2007 and 2006, respectively, in Other Income (Expense) in our Consolidated Statements of Operations.

SIZE="2">Capitalized Software Development Costs

Costs related to research and development are generally charged to expense as
incurred. Capitalization of material software development costs begins when a product’s technological feasibility has been established in accordance with the provisions of SFAS No. 86, Accounting for the Costs of Computer Software to be
Sold, Leased, or Otherwise Marketed
. To date, the period between achieving technological feasibility, which we have defined as the establishment of a working model, and which typically occurs when beta testing commences, and the general
availability of such software has been very short. Accordingly, software development costs have been expensed as incurred.

Costs related
to software acquired, developed or modified solely to meet our internal requirements and for which there are no substantive plans to market are capitalized in accordance with the provisions of AICPA SOP No. 98-1, Accounting for the Costs of
Computer Software Developed or Obtained for Internal Use
. Costs incurred after the preliminary planning stage of the project and after management has authorized and committed funds to the project are capitalized. Costs capitalized for computer
software developed or obtained for internal use are included in Property and Equipment on the Consolidated Balance Sheets.

These excerpts taken from the TIBX 10-K filed Jan 25, 2008.

Income Taxes

We make certain estimates and judgments in determining income tax expense for financial statement purposes. These estimates and judgments occur in the calculation of certain tax assets and liabilities, which arise from differences in the timing of recognition of revenue and expense for tax and financial statement purposes.

We assess the likelihood that we will be able to recover our deferred tax assets. We consider all available evidence, both positive and negative, including historical levels of income, expectations and risks associated with estimates of future taxable income and ongoing prudent and feasible tax planning strategies in assessing the need for the valuation allowance. If it is not more likely than not that we will recover our deferred tax assets, we will increase our provision for taxes by recording a valuation allowance against the deferred tax assets that we estimate will not ultimately be recoverable.

 

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TIBCO SOFTWARE INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

 

Income Taxes

FACE="Times New Roman" SIZE="2">We make certain estimates and judgments in determining income tax expense for financial statement purposes. These estimates and judgments occur in the calculation of certain tax assets and liabilities, which arise
from differences in the timing of recognition of revenue and expense for tax and financial statement purposes.

We assess the likelihood
that we will be able to recover our deferred tax assets. We consider all available evidence, both positive and negative, including historical levels of income, expectations and risks associated with estimates of future taxable income and ongoing
prudent and feasible tax planning strategies in assessing the need for the valuation allowance. If it is not more likely than not that we will recover our deferred tax assets, we will increase our provision for taxes by recording a valuation
allowance against the deferred tax assets that we estimate will not ultimately be recoverable.

 


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TIBCO SOFTWARE INC.

ALIGN="center">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

 


This excerpt taken from the TIBX 10-K filed Feb 9, 2007.

Income Taxes

 

We make certain estimates and judgments in determining income tax expense for financial statement purposes. These estimates and judgments occur in the calculation of certain tax assets and liabilities, which arise from differences in the timing of recognition of revenue and expense for tax and financial statement purposes.

 

We assess the likelihood that we will be able to recover our deferred tax assets. We consider all available evidence, both positive and negative, including historical levels of income, expectations and risks associated with estimates of future taxable income and ongoing prudent and feasible tax planning strategies in assessing the need for the valuation allowance. If it is not more likely than not that we will recover our deferred tax assets, we will increase our provision for taxes by recording a valuation allowance against the deferred tax assets that we estimate will not ultimately be recoverable.

 

This excerpt taken from the TIBX 10-Q filed Oct 13, 2006.

Income Taxes

We make certain estimates and judgments in determining income tax expense for financial statement purposes. These estimates and judgments occur in the calculation of certain tax assets and liabilities, which arise from differences in the timing of recognition of revenue and expense for tax and financial statement purposes.

We assess the likelihood that we will be able to recover our deferred tax assets. We consider all available evidence, both positive and negative, including historical levels of income, expectations and risks associated with estimates of future taxable income and ongoing prudent and feasible tax planning strategies in assessing the need for a valuation allowance. If it is not more likely than not that we will recover our deferred tax assets, we will increase our provision for taxes by recording a valuation allowance against the deferred tax assets that we estimate will not ultimately be recoverable. As a result of our analysis of all available evidence, both positive and negative, as of August 31, 2006, it was considered more likely than not that our deferred tax assets would be realized with the exception of certain capital loss and foreign tax credit carryovers against which a valuation allowance of approximately $11.8 million was held as of August 31, 2006.

Also see Note 11, Provision for Income Taxes.

This excerpt taken from the TIBX 10-Q filed Jul 14, 2006.

Income Taxes

We make certain estimates and judgments in determining income tax expense for financial statement purposes. These estimates and judgments occur in the calculation of certain tax assets and liabilities, which arise from differences in the timing of recognition of revenue and expense for tax and financial statement purposes.

We assess the likelihood that we will be able to recover our deferred tax assets. We consider all available evidence, both positive and negative, including historical levels of income, expectations and risks associated with estimates of future taxable income and ongoing prudent and feasible tax planning strategies in assessing the need for the valuation allowance. If it is not more likely than not that we will recover our deferred tax assets, we will increase our provision for taxes by recording a valuation allowance against the deferred tax assets that we estimate will not ultimately be recoverable. As a result of our analysis of all available evidence, both positive and negative, at May 31, 2006, it was considered more likely than not that our deferred tax assets would be realized with the exception of certain capital loss and foreign tax credit carryovers. The available positive evidence at May 31, 2006, included four years of historical operating profits and a projection of future income sufficient to realize most of our remaining deferred tax assets. The release of valuation allowance resulted in a $9.9 million tax benefit recorded to the income statement for the current quarter. In addition, a portion of the valuation allowance previously recorded against acquired deferred tax assets was released, generating a $7.7 million benefit recorded to goodwill. Of the remaining valuation allowance of approximately $12.5 million at May 31, 2006, we estimate that when released all $12.5 million will result in an income tax benefit, of which we estimate that approximately $1.0 million will be realized in the third and fourth quarters of fiscal year 2006.

Also see Note 11, Provision for Income Taxes.

This excerpt taken from the TIBX 10-K filed Feb 10, 2006.

Income Taxes

 

We make certain estimates and judgments in determining income tax expense for financial statement purposes. These estimates and judgments occur in the calculation of certain tax assets and liabilities, which arise from differences in the timing of recognition of revenue and expense for tax and financial statement purposes.

 

We assess the likelihood that we will be able to recover our deferred tax assets. We consider all available evidence, both positive and negative, including historical levels of income, expectations and risks associated with estimates of future taxable income and ongoing prudent and feasible tax planning strategies in assessing the need for the valuation allowance. If recovery is not likely, we increase our provision for taxes by recording a valuation allowance against the deferred tax assets that we estimate will not ultimately be recoverable. (Also see Note 9.)

 

This excerpt taken from the TIBX 10-K filed Feb 14, 2005.

Income Taxes

 

We account for income taxes under the liability method of accounting. Under the liability method, deferred taxes are determined based on the differences between the financial statement and tax bases of assets and liabilities at enacted tax rates in effect in the year in which the differences are expected to reverse. Valuation allowances are established, when necessary, to reduce deferred tax assets to estimated amounts expected to be realized. Generally accepted accounting principles require that the realizability of net deferred tax assets be evaluated on an ongoing basis. Accordingly, we consider future taxable income, our most recent operating results and various tax planning strategies in assessing the need for a valuation allowance. In the consideration of the realizability of net deferred tax assets, recent losses must be given more weight than any projections of future profitability.

 

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