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These excerpts taken from the TWGP 10-K filed Mar 16, 2009. Income
Taxes
Pursuant to a Tax Sharing Agreement, each of the entities in the
group are required to make payments to the parent for Federal
income tax imposed on its taxable income in a manner consistent
with filing a separate federal income tax return (but subject to
certain limitations that are applied to the Tower consolidated
group as a whole) .
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 basis and for operating
loss and tax credit carry forwards. 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.
Income Taxes Pursuant to a Tax Sharing Agreement, each of the entities in the group are required to make payments to the parent for Federal income tax imposed on its taxable income in a manner consistent with filing a separate federal income tax return (but subject to certain limitations that are applied to the Tower consolidated group as a whole) . 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 basis and for operating loss and tax credit carry forwards. 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. These excerpts taken from the TWGP 10-K filed Mar 14, 2008. Income
Taxes
Pursuant to a Tax Sharing Agreement, each of the entities in the
group is required to make payments to the parent for Federal
income tax imposed on its taxable income in a manner consistent
with filing a separate federal income tax return (but subject to
certain limitations that are applied to the Tower consolidated
group as a whole) .
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
Table of Contents
basis and for operating loss and tax credit carry forwards.
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.
Income Taxes Pursuant to a Tax Sharing Agreement, each of the entities in the group is required to make payments to the parent for Federal income tax imposed on its taxable income in a manner consistent with filing a separate federal income tax return (but subject to certain limitations that are applied to the Tower consolidated group as a whole) . 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
Table of Contentsbasis and for operating loss and tax credit carry forwards. 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. This excerpt taken from the TWGP 10-K filed Mar 8, 2007. Income Taxes Pursuant to a Tax Allocation Agreement, Tower, TICNY, TNIC, TRM and TICA compute and pay Federal income taxes on a consolidated basis. TICA will file a short-period tax return for 2006. 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 basis and for operating loss and tax credit carry forwards. 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. This excerpt taken from the TWGP 8-K filed Jan 12, 2007. 6. Income Taxes The Company and its insurance subsidiaries participate in a tax-sharing arrangement. Under this agreement, income taxes are allocated based upon separate return calculations with current credit for losses. Intercompany tax balances are settled annually. See accompanying independent accountants’ review report. 16 Income tax (expense) benefit for the nine months ended September 30, 2006 was $(540) compared to $3,043 for the same period of 2005. The following table reconciles the Company’s statutory federal income tax rate to its effective tax rate (in thousands):
This excerpt taken from the TWGP 10-K filed Mar 15, 2006. Income Taxes Pursuant to a Tax Allocation Agreement, dated as of January 1, 2001, Tower, TICNY, TNIC and TRM compute and pay Federal income taxes on a consolidated basis. 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 basis and for operating loss and tax credit carry forwards. 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. | EXCERPTS ON THIS PAGE:
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