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This excerpt taken from the VLG 10-K filed Sep 28, 2006. Income
Taxes
Income taxes are accounted for in accordance with the provisions
of SFAS No. 109, “Accounting for Income
Taxes”, under which deferred tax assets or liabilities are
computed based on the difference between the financial statement
and income tax bases of assets and liabilities using the
estimated tax rate at the date of reversal. These differences
are classified as current or non-current based upon the
classification of the related asset or liability. For temporary
differences that are not related to an asset or liability,
classification is based upon the expected reversal date of the
temporary difference. Valuation allowances are established, when
necessary, to reduce deferred tax assets to the amount expected
to be realized. The Company estimates and records additional tax
expense based on uncertain tax positions taken by the Company
within statutory limitations. This estimate is adjusted when tax
audits are completed or when the statute of limitations expires
on those recorded tax positions.
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