N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
| 6. Income Taxes
Components of income tax expense, excluding discontinued operations, were as follows for the years ended December 31, 2000, 1999 and 1998:
Deferred tax liabilities (assets) comprised the following at December 31, 2000 and 1999:
At December 31, 2000, the Corporation has a deferred tax asset reflecting the benefits of $1,271 million in net operating loss carryforwards, which expires as follows:
The Internal Revenue Code limits a corporation's ability to utilize its net operating loss carryforwards. The Corporation does not expect these limits to impact its ability to utilize its carryforwards. The Corporation has analyzed its deferred tax assets and believes a valuation allowance is not necessary.
For the years ending December 31, 2000, 1999 and 1998, a reconciliation between statutory and effective tax rates of continuing operations is as follows:
The Internal Revenue Service is currently examining the Corporation's tax returns for 1986 through 1998. All years prior to 1986 are closed. The Corporation believes it has adequately provided for federal and state income taxes.
|5. Properties | 7. Debt|