UNCA » Topics » Income Taxes

These excerpts taken from the UNCA 10-K filed Dec 15, 2008.
Income Taxes
 
The Company uses the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on temporary differences between the financial statement and tax basis of assets and liabilities and net operating loss and credit carryforwards using enacted tax rates in effect for the year in which the differences are expected to reverse. 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. Valuation allowances are established when it is more likely than not that some portion of the deferred tax assets will not be realized.
 
In June 2006, the Financial Accounting Standards Board issued Interpretation No. 48, Accounting for Uncertainty in Income Taxes, an interpretation of FASB Statement 109 (“FIN 48”), to create a single model to address accounting for uncertainty in tax positions. FIN 48 clarifies the accounting for income taxes, by prescribing a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. FIN 48 also provides guidance on derecognition, measurement, classification, interest and


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Table of Contents

 
UNICA CORPORATION AND SUBSIDIARIES
 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(In thousands, except share and per share data)
 
penalties, accounting in interim periods, disclosure and transition. The Company adopted FIN 48 on October 1, 2007, as required. There was no cumulative effect upon adoption of FIN 48.
 
Income
Taxes



 



The Company uses the liability method of accounting for income
taxes. Under this method, deferred tax assets and liabilities
are determined based on temporary differences between the
financial statement and tax basis of assets and liabilities and
net operating loss and credit carryforwards using enacted tax
rates in effect for the year in which the differences are
expected to reverse. 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. Valuation
allowances are established when it is more likely than not that
some portion of the deferred tax assets will not be realized.


 



In June 2006, the Financial Accounting Standards Board issued
Interpretation No. 48, Accounting for Uncertainty in
Income Taxes, an interpretation of FASB Statement 109
(“FIN 48”), to create a single model to
address accounting for uncertainty in tax positions. FIN 48
clarifies the accounting for income taxes, by prescribing a
minimum recognition threshold a tax position is required to meet
before being recognized in the financial statements. FIN 48
also provides guidance on derecognition, measurement,
classification, interest and





64





Table of Contents





 




UNICA
CORPORATION AND SUBSIDIARIES



 




NOTES TO
CONSOLIDATED FINANCIAL
STATEMENTS — (Continued)

(In thousands, except share and per share data)


 



penalties, accounting in interim periods, disclosure and
transition. The Company adopted FIN 48 on October 1,
2007, as required. There was no cumulative effect upon adoption
of FIN 48.


 




These excerpts taken from the UNCA 10-K filed Jan 7, 2008.
Income Taxes
 
The Company uses the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on temporary differences between the financial statement and tax basis of assets and liabilities and net operating loss and credit carryforwards using enacted tax rates in effect for the year in which the differences are expected to reverse. 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. Valuation allowances are established when it is more likely than not that some portion of the deferred tax assets will not be realized.
 
Income
Taxes



 



The Company uses the liability method of accounting for income
taxes. Under this method, deferred tax assets and liabilities
are determined based on temporary differences between the
financial statement and tax basis of assets and liabilities and
net operating loss and credit carryforwards using enacted tax
rates in effect for the year in which the differences are
expected to reverse. 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. Valuation
allowances are established when it is more likely than not that
some portion of the deferred tax assets will not be realized.


 




This excerpt taken from the UNCA 10-K filed Dec 14, 2006.
Income Taxes
 
The Company uses the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on temporary differences between the financial statement and tax basis of assets and liabilities and net operating loss and credit carryforwards using enacted tax rates in effect for the year in which the differences are expected to reverse. 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. Valuation allowances are established when it is more likely than not that some portion of the deferred tax assets will not be realized.
 
This excerpt taken from the UNCA 10-K filed Dec 19, 2005.
Income Taxes
 
The Company uses the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on temporary differences between the financial statement and tax basis of assets and liabilities and net operating loss and credit carryforwards using enacted tax rates in effect for the year in which the differences are expected to reverse. 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. Valuation allowances are established when it is more likely than not that some portion of the deferred tax assets will not be realized.
 
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